During the expansion phase of the business cycle,
A) employment decreases. B) income decreases.
C) unemployment increases. D) production increases.
D
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The fixed-cost fallacy occurs when
a. A firm considers irrelevant costs b. A firm ignores relevant costs c. A firm considers overhead or depreciation costs to make short-run decisions d. Both a and c
Economist's can justify supporting education through taxation on which of the following grounds?
A) Education generates spillover benefits.
B) Low-income people could not otherwise afford education.
C) Most economists are educators.
D) Free education extends equal opportunity to all.
E) Public education is more efficient than allowing education to be provided by the market.
As more women decide to work outside the home and therefore hire others to work around their home, GDP will increase by the value of
What will be an ideal response?
If the marginal cost for the state of Montana to increase the speed limit on its interstate highways to 100 mph is estimated to be $500 per day, then Montana should increase the speed limit to 100 mph
A) only if the marginal benefit received each day is less than $500. B) as long as the marginal benefit received each day is just equal to or greater than $500. C) as long as the daily marginal cost is lower than it had been before the speed limit increase. D) unless the marginal benefit received falls to zero.