During the 1970s in the U.S. ________
A) the inflation rate peaked at over 14%
B) oil prices quadrupled
C) the unemployment rate rose above 8%
D) all of the above
E) none of the above
D
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Intel hired a consultant who found that the value of marginal product of Intel's workers decreased as more workers were hired. Suppose Intel is a monopolistically competitive firm. Then the value of marginal product decreases because the
I. workers' marginal product of labor decreased as more workers were hired. II. marginal revenue of Intel's chips decreased as more chips were sold. A) I only B) II only C) Both I and II D) Neither I nor II
Which of the following is a way to finance a budget deficit?
A) increased private saving B) decreased domestic investment C) decreased foreign investment D) all of the above
At an output of 6, ATC = $30, MC = $25, MR = $25. At that output the firm is
A. maximizing its profits. B. minimizing its losses. C. operating at its break-even point. D. operating at its shutdown point.
When displaced workers require retraining before entering the labor force again, it is the result of ________ unemployment.
A. cyclical B. frictional C. structural D. seasonal