Category: Economics

Describe how the long-run average cost (LRAC) curve is the lower boundary of all short-run average cost curves

True, False, or Uncertain. A consequence variable is one that is under the direct control of the decision-maker.

➤ How does technology affect the wage gap between college and high school graduates?
Digital automation and advanced software tend to displace routine manual and clerical jobs while increasing demand for analytical, programming, and managerial skills. Employers pay more for workers who complement technology. That raises the education premium, widening the wage gap unless training, task redesign, or policy shifts redistribute opportunities and earnings.

➤ What were the main causes of the 1937–1938 recession beyond federal spending cuts?
Beyond spending restraint, policymakers tightened monetary conditions and the Treasury absorbed bank reserves. The Social Security payroll tax reduced household incomes, and firms cut inventories and investment. Those forces combined to reduce consumption and industrial output and reversed much of the moderate recovery achieved earlier in the decade.

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➤ How does a judge or grand jury determine whether probable cause exists?
They use the totality of circumstances and a practical, common-sense evaluation. Judges or grand juries review affidavits, witness statements, physical evidence, and police reports. They ask whether facts create a reasonable belief that a crime occurred and the suspect committed it. The standard is lower than proof beyond a reasonable doubt.