The production possibilities frontier in the one-period model is a
A) behavioral relationship between consumption and leisure.
B) behavioral relationship between consumption and government spending.
C) technological relationship between consumption and leisure.
D) technological relationship between consumption and government spending.
C
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Because of the existence of the aggregate demand multiplier, a $10 billion change in expenditure
A) shifts the aggregate demand curve by more than $10 billion. B) shifts the aggregate demand curve by $10 billion. C) shifts the aggregate demand curve by less than $10 billion. D) changes the slope of the aggregate demand curve so it is less stee
If you pay $400 in taxes when you earn $10,000 and $600 in taxes when you earn $12,000, you are subject to a marginal tax rate of
A) 4%. B) 5%. C) 6%. D) 8%. E) 10%.
Because the marginal cost of labor curve lies above the labor supply curve, a monopsony will pay a wage that is
A) equal to the wage paid in a competitive market. B) equal to value of marginal product. C) greater than value of marginal product. D) less than the wage paid in a competitive market.
An isocost line represents:
A) all the combinations of inputs to a production process that result in the same total costs of production. B) all the combinations of inputs that result in the same amount of output. C) all of the combinations of two inputs for which the amount of money spent on each of the inputs is equal. D) all of the levels of output that result in the same total cost.