Real GDP per person averaged $150 a year (in 2009 dollars) from 1,000,000 BC until 1620. Then in ________ real GDP began to increase without limit and by 1850 had risen to twice its 1650 level because ________
A) 1750; of the Industrial Revolution
B) 1776; United States was founded
C) 1750; Columbus arrived in the Americas
D) 1650; the Pilgrims arrived in the Americas
E) 1650; of the Industrial Revolution
A
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The U-shaped average total cost curve is
A) a result of firms' wanting to find the output level where cost is at its minimum. B) unrealistic because average total cost always increases as output increases. C) the result of average fixed cost falling and decreasing marginal returns as output increases. D) a result of constant marginal returns. E) a result of increasing marginal returns.
Actual real GDP will be above potential GDP if
A) firms are producing below capacity. B) firms are producing at capacity. C) firms are producing above capacity. D) inflation is rising.