As of 2009, the U.S. federal deficit had reached nearly __________ of GDP
a. -3.0 percent
b. -6.0 percent
c. -12.0 percent
d. -5.0 percent
e. -7.0 percent
C
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Complete the table below, which represents the production costs for a typical firm. (Round numbers to the nearest tenth.)
TP TFC TVC TC AFC AVC ATC MC 0 $20 $ 0 $__ --- --- --- --- 1 ___ 27.5 ___ $__ $__ $__ $27.5 2 ___ 46.8 ___ ___ 23.4 ___ ___ 3 ___ 63.3 ___ ___ ___ ___ ___ 4 ___ 82.5 ___ 5.0 ___ ___ ___ 5 ___ 106.7 126.7 ___ ___ ___ ___ 6 ___ 139.7 ___ ___ ___ ___ ___ 7 ___ 181 ___ ___ ___ 28.7 ___ At what level of output do diminishing returns set in? How do you know?
The marginal product of labor (MPL) can be calculated from the following ________
A) the labor share of income and the average output per unit of labor B) the labor share of income and average labor per worker C) output and labor D) the labor share of income and output E) none of the above
The main issues that macroeconomic studies are
a. interest rates, jobs, and government policies. b. production, costs, and benefits. c. economic growth, unemployment, and inflation. d. choices made by household and businesses.
All of the following are possible explanations for the fact that on average women earn lower wages than men in the United States except:
A. women are more productive than men on average. B. women enter and leave the labor force more frequently than men, causing them on average to have less experience and a lower productivity than men. C. women choose to work in low-wage industries. D. women are discriminated against in labor markets.