Fixed-time period models are used when demand is variable Group of answer choices True False

Fixed-order quantity models are very useful when lead time is variableGroup of answer choicesTrueFalse

A mixed economy bases its decisions on custom and historical dataGroup of answer choicesTrueFalse

During the expansion phase of a business cycleGroup of answer choicesAll options are correctAggregate output increasesWages decreasesUnemployment increases

The average fixed cost curveGroup of answer choicesalways declines with increased levels of output.always rises with increased levels of output.declines as long as it is above marginal cost.declines as long as it is below marginal cost.

Consider the inter-temporal model of consumption studied in class, with two possible periods. Which statement is true?Group of answer choicesA consumer will never consume its endowment point (where c1 = m1 and c2 = m2)An interest rate rise increases the maximum possible first period consumption level.An interest rate rise always makes the individual better off.A rise in the interest rate rotates the inter-temporal budget constraint around the point at which it cuts the c2 axis.None of the above