A firm's long-run average cost curve is also called its
a. profit curve
b. explicit cost curve
c. opportunity cost curve
d. production curve
e. planning curve
E
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You are a hotel manager considering four projects that yield different payoffs, depending upon whether there is an economic boom or a recession. The potential payoffs and corresponding payoffs are summarized in the following table.ProjectBoom (50%)Recession (50%)A$40-$20B-$10$30C$50-$50D$60$60Which of the following statements is true?
A. A risk-neutral manager will prefer project D. B. A risk-loving manager will prefer project D. C. A risk-averse manager will prefer project D. D. All of the statements are correct.
A problem with using fiscal policy to fine-tune the economy is that
A. fiscal policy impacts the economy too fast. B. fiscal policy impacts only the largest states in the nation. C. fiscal policy impacts only urban areas of the nation. D. it takes time for policymakers to agree on the appropriate fiscal policy.