Figure 10-5
<img alt="" src="https://sciemce.com/files/4/ppg__cognero__Chapter_10_The_Firm_and_the_Industry_Under_Perfect_Competition__media__a727bba4-02c2-4bef-9437-e2a3f377aca9.PNG" />
In Figure 10-5, points which lie on the firm’s short-run supply curve are
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
Suppose that for a given firm, the increase in output resulting from the last worker hired is less than the increase in output of the previous worker hired. This is an example of
John is trying to decide whether to expand his business or not. If he continues his business as it is, with no expansion, there is a 50 percent chance he will earn $100,000 and a 50 percent chance he will earn $300,000. If he does expand, there is a 30 percent chance he will earn $100,000, a 30 percent chance he will earn $300,000 and a 40 percent chance he will earn $500,000. It will cost him $150,000 to expand. John expects the value of his earnings to be ________ if he expands and ________ if he does not expand.
The school of economic thought that emphasized the importance of incentives to encourage savings, investment, and productivity is known as ________ economics.
Refer to the information provided in Figure 16.2 below to answer the question(s) that follow.<img src="https://sciemce.com/files/4/ppg__10502202340__f1q92g1.jpg" alt="" style="vertical-align: 0.0px;" height="231" width="311" /> Figure 16.2Refer to Figure 16.2. The marginal damage cost imposed as a result of producing cars is
Suppose that the Home country in the twosector (manufacturing and agriculture) specificfactors model has a comparative advantage in manufactured output. What is the effect on the return of land after trade occurs?
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. <img src="https://sciemce.com/files/4/ppg__rrr0818191020__f1q266g1.jpg" alt="" style="vertical-align: 0.0px;" height="190" width="301" />
Use the following table to answer the question below.Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120202408080401601204060801600800If Giovanni produces 40 pounds of green beans and Jorge produces 80 pounds of corn, then the total amount of green bean production equals ________ and the total amount of corn production equals ________. If Giovanni and Jorge specialize in their respective low-cost good, then the total pounds of green bean production equals ________ and the total pounds of corn production equals ________.
In Macroland there is $10,000,000 in currency. The public holds half of the currency and banks hold the rest as reserves. If banks' desired reserve/deposit ratio is 10%, deposits in Macroland equal ________ and the money supply equals ________.
Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the labor force participation rate is approximately:
Melanie decided to save 20% of her annual earnings for 10 years so she would have a down payment for a house. After 5 years, what change in the economy would cause an increase in the purchasing power of the funds she has managed to save?
Bert faces a progressive tax structure that has the following marginal tax rates: 0 percent on the first $10,000 . 10 percent on the next $10,000 . 15 percent on the next $10,000 . 25 percent on the next $10,000 . and 50 percent on all additional income. If Bert earns $75,000 . what is his average tax rate?
Not including transactions from the underground economy will tend to ________ GDP, and not including environmental changes caused by pollution will tend to ________ GDP
Under normal monopoly, P > MC, and so the marginal benefit to society of increasing output exceeds the marginal cost. This means that an increase in output will increase welfare.