An increase in the expected inflation rate will
A) shift the short-run Phillips curve to the right. B) reduce the inflation rate.
C) shift the short-run Phillips curve to the left. D) reduce the unemployment rate.
A
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At a perfectly competitive firm’s profit-maximizing level of output, its total revenue is $200 and its short-run variable cost is $225. The firm
A. has a loss of $25. B. should shut down. C. should increase output to reduce losses. D. should raise the price of its product.
The Acme Company is a perfect competitor in its input markets and its output market. Its average product of labor is 30, the marginal product of labor is 20, the price of labor is $20, and the price of the output is $5
For Acme Company, the marginal revenue product of labor A) is $100. B) is $150. C) is $400. D) is $600. E) cannot be determined with the information provided.
Individual transferable quotas are limited in their effectiveness because:
A. they are only enforceable within 200 miles of a nation's shores. B. government, rather than the market, sets their price. C. they encourage wasteful spending by fishers in ITQ areas. D. they are not tradable.
If nominal GDP in some year is $280 and real GDP is $160, then the GDP price index for that year is:
A. 175. B. 57. C. 160. D. 280.