In the 2007-2009 period, the expenditure level in the United States intersected the 45-degree line below potential GDP, causing
a. hyperinflation.
b. a growing trade deficit.
c. a government budget surplus.
d. unemployment.
d
Economics
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During the Great Depression the price level increased
a. True b. False
Economics
If the long-run average cost curve continuously slopes upward as output rises, minimum efficient scale would be
A) zero. B) at the midpoint of the long-run average cost curve. C) at the rate of output associated with the smallest sized plant the firm can build. D) nonexistent.
Economics