Federal government expenditures, as a percentage of GDP,
A) rose from 1950 to 1991, fell from 1992 to 2001, and have risen from 2001 to the present.
B) rose from 1950 to 1980, fell from 1981 to 2001, and have risen from 2001 to the present.
C) have fallen since the early 1950s to the present.
D) rose from 1950 to 2001 and then fell from 2001 to the present.
E) have risen since the early 1950s to the present.
A
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The demand for labor is given by L(w) = 1000 - .5w, where w is the minimum wage. Find the level of w that maximizes the total wage payment, wL(w). What is the wage-elasticity of labor demand at the maximizing minimum wage?
What will be an ideal response?
When inflation occurs, net exports will
a. increase as imports decrease. b. increase as exports increase. c. decrease as imports decrease. d. decrease as imports increase.
If the price for a box of kiwis is $40, the wage rate for kiwi laborers is $10 per hour, and a laborer can pick 3 boxes of kiwis per hour, the
A. MRP is $30 per hour. B. Cost efficiency is 3/10 of a box per dollar. C. MPP is $30 per hour. D. Wage rate will tend to fall.
Debbie observes that leaves fall from trees before the fist day of winter, and concludes that the falling leaves cause winter to begin. This is an example of
A. Ockham's razor. B. the post hoc, ergo propter hoc fallacy. C. ceteris paribus. D. the fallacy of logic.