If AVC=$5 and AFC=15, then ATC=
a. $10
b. $5
c. $15
d. $20
d
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According to the hypothesis of New Keynesian inflation dynamics, an increase in aggregate demand brings about
A) initial sluggish adjustment of the price level followed by higher inflation later on. B) initial rapid adjustment of the price level followed by lower inflation later on. C) initial sluggish adjustment of real GDP followed by more rapid real GDP growth later on. D) sluggish growth in real GDP both initially and later on.
Which is NOT one of the potential benefits of labor unions?
A) Unionism raises social efficiency. B) Unions appear to reduce wage inequality. C) Unions may reduce a company's profits. D) Unions may have contributed to safer working conditions.
The U.S. federal income tax is progressive, which means that _____.
a. tax receipts grow at the same rate that income does b. tax receipts grow at the same rate that government spending does c. middle-income individuals pay more in taxes than either high-income or low-income individuals d. the tax rate decreases with increases in income e. high-income individuals are taxed at a higher rate than low-income individuals
Division of _______ is the way a good or service that is produced is divided into a number of tasks that are performed by different workers, instead of all the tasks being done by the same person.
a. resources b. labor c. money d. tasks