The components of aggregate expenditure that change when real GDP changes are known as
A) unplanned expenditure.
B) induced expenditure.
C) autonomous expenditure.
D) changeable expenditure.
E) planned expenditure.
B
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Suppose that when NBC produces 1 new drama series in a season it gives up the chance to produce 3 new reality shows. This means that
A) the opportunity cost of a new drama series is 1/3 of a new reality show. B) the opportunity cost of a 1 new reality show is 1/3 of a new drama series. C) NBC has a comparative advantage in producing new drama series. D) NBC has a comparative advantage in producing new reality shows.
Over the range of output where the slope of the short-run total cost curve becomes steeper:
A. Fixed costs are increasing B. Marginal cost is increasing C. Marginal cost is positive, but decreasing D. Marginal cost is lower than average variable cost