Let TC(Q) = 10 + Q; MC equals
A. 1.
B. 10.
C. 11.
D. It cannot be determined from the information given
Answer: A
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A negative shock in aggregate demand will likely result in ________
A) a permanent change in output, if the central bank responds by lowering interest rates B) no permanent change in the equilibrium inflation rate, unless the central bank responds by lowering interest rates C) an eventual increase in aggregate supply for any inflation rate, if the central bank responds by lowering interest rates D) all of the above E) none of the above
If businesses expect the economic activity to expand
A) the planned investment function relating investment to the interest rate will shift to the left. B) the planned investment function relating investment to the interest rate will remain unchanged, but will move downward along the curve. C) the planned investment function relating investment to the interest rate will steepen. D) the planned investment function relating investment to the interest rate will shift to the right.
Within the framework of the Keynesian model,
a. changes in output rather than changes in prices direct the economy to equilibrium. b. changes in prices rather than changes in output direct the economy to equilibrium. c. changes in interest rates and resource prices will direct the economy to equilibrium. d. the economy will continually be in equilibrium.
Minimum wage was first established by ______.
a. city governments b. county governments c. state governments d. the federal government