A cost that expires without producing any revenue benefit is known as a(n) _____.
a. profit
b. expense
c. surplus
d. loss
Answer: d. loss
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If the demand for labor is unchanged, an increase in the supply of labor will lead to
A) a decrease in the quantity of labor demanded and a decrease in the equilibrium wage. B) a decrease in the quantity of labor demanded and an increase in the equilibrium wage. C) an increase in the quantity of labor demanded and an increase in the equilibrium wage. D) an increase in the quantity of labor demanded and a decrease in the equilibrium wage.
As the Fed maintained interest rates at near zero during 2008-2012,
a. the economy recovered and the unemployment rate fell to normal levels. b. households and businesses held larger money balances and the velocity of money fell substantially. c. stock prices declined during 2010-2012, causing the economy to remain weak. d. the earnings senior citizens derived from saving deposits and other forms of savings rose substantially, leading to higher incomes and a strong increase in aggregate demand.
Which of the following would be considered the most prominent spokesman for the rational expectations school of thought?
A. Adam Smith B. Arthur Laffer C. Milton Friedman D. Robert Lucas
Number of WorkersTotal ProductMarginal Product00-1882 10325 430 5 3634 Refer to the above data. The marginal product of the fourth worker:
A. is 7. B. is 71/2. C. is 5. D. cannot be calculated from the information given.