Keynesian policies focus on _____while neoclassical policies focus on __________.
a. long-run potential GDP; actual GDP
b. aggregate supply; aggregate demand
c. aggregate demand; aggregate supply
d. actual GDP; long-run potential GDP
c. aggregate demand; aggregate supply
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Table 7.1 exemplifies the principle of
A) diminishing returns. B) marginal costs. C) full employment equilibrium. D) real vs. nominal costs.
The labor supply curve has a positive slope if the
A) substitution effect outweighs the income effect. B) income effect outweighs the substitution effect. C) demand for labor is elastic. D) demand for labor is inelastic.
Sam has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $13 per hour. During the summer, he drives a tour bus around the ski resort, earning $11 per hour. During the summer months, what is Sam's opportunity cost of taking an hour off work to go hiking?
a. $13 b. between $11 and $12 c. $11 d. less than $11
Refer to the graph shown. A perfectly competitive firm would never operate if the price dropped to which segment of the marginal cost curve?
A. DE. B. CD. C. AC. D. CE.