________ refers to the overall political and financial situation of a country, and the extent to which these conditions may affect the ability of a country to repay its debts

If the economy is at full employment, then the inflation rate

A) is less than the expected inflation rate. B) is equal to zero. C) can be anywhere on a short-run Phillips curve. D) is equal to the expected inflation rate. E) exceeds the expected inflation rate.

Based on the cost data in the above table, the long-run average cost (LRAC) is lowest when output is

A) 20. B) 40. C) 80. D) Long-run average cost is constant at all levels of output.