Which of the following accurately describes economic growth and standards of living between 1,000,000 B.C. and 1300 A.D.?
A) No sustained economic growth occurred between 1,000,000 B.C. and 1300 A.D.
B) Significant economic growth took place between 1,000,000 B.C. and 1300 A.D.
C) Standards of living substantially declined from 1,000,000 B.C. to 1300 A.D.
D) Standards of living in 1300 A.D. were substantially better than what they were in 1,000,000 B.C.
A
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A firm's average total cost is $100, its average variable cost is $90, and its total fixed cost is $1,000. Its output is
A) less than 70 units. B) between 70 and 120 units. C) between 120 and 170 units. D) more than 170 units.
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease