Refer to the above figure. From the standpoint of society, the optimal output is
A. Q1
B. Q2
C. Q3
D. Q4
Answer: D
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You review a salesman's income over a 5-year period. You note it fluctuates tremendously from year to year, yet his consumption of goods and services remains consistently at the same level, year after year
Does this mean that income is not a determinant of consumption, or could something else explain his behavior?
Which of the following terms refers to federal spending and borrowing causing interest rates to rise and business investment to fall?
a. recognition lag b. implementation lag c. legislative lag d. crowding out
When a labor union confronts a monopsonist, the result is that union workers receive a wage
a. greater than their marginal labor cost b. that maximizes the return to monopsony power c. equal to a perfectly competitive labor market d. below the labor supply curve e. equal to the marginal revenue product
Which of the following is a TRUE statement?
A. All economic goods are goods, but not all goods are economic goods. B. Economic goods and goods mean the same thing. C. Economic goods do not include services while goods do include services. D. All goods are economic goods.