Fiscal policy aims to influence the overall health of the economy through changes in:
a. the money supply.
b. government spending and tax rates.
c. interest rates.
d. international exchange rates.
e. All of the above.
b. government spending and tax rates.
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Rents represent earnings that
a. exceed marginal cost b. are less than marginal revenue product c. are less than what producers would require to supply products d. exceed opportunity revenue e. exceed opportunity cost
Suppose a firm is in a range of production where it is experiencing economies of scale. Knowing this, we can predict that:
A. the long-run average total cost curve is upsloping. B. a 10 percent increase in all inputs will increase output by less than 10 percent. C. a 10 percent increase in all inputs will increase output by more than 10 percent. D. the firm is encountering problems of managerial bureaucracy because of its size.