Which of the following is NOT a characteristic of populist regimes?
A) Nationalistic ideologies
B) Focus on economic growth
C) Focus on income redistribution
D) Focus on controlling inflation
D
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Suppose that the market for labor is initially in equilibrium. If the firm employs labor-saving technology, the equilibrium wage
a. and the equilibrium quantity of labor will rise. b. and the equilibrium quantity of labor will fall. c. will rise, and the equilibrium quantity of labor will fall. d. will fall, and the equilibrium quantity of labor will rise.
Suppose that John allocates $10,000 of his disposable income for necessities. Any additional income beyond that is both spent and saved. Assume he has a disposable annual income of $50,000 and an MPC=0.8. Based on this information the amount of money John should save would be:
A. $8,000. B. $10,000. C. $12,000. D. $40,000.
When the price of corn was "low," consumers in the United States spent a total of $8 billion annually on its consumption. When the price halved, consumer expenditures actually DECREASED to $6 billion annually. This indicates that:
A. the demand for corn is elastic. B. the demand for corn is inelastic. C. corn is a Giffen good. D. the demand curve for corn is upward sloping.
Total variable costs: a. are costs associated with short-run fixed capital
b. are so named because they vary from firm to firm within an industry. c. increase as production increases. d. decrease as production increases.