Suppose a market basket of goods and services costs $1,000 in the base year and the consumer price index (CPI) is currently 110 . This indicates the price of the market basket of goods and services is now
a. $110.
b. $1,000.
c. $1,100.
d. $1,225.
C
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Federal government outlays include ________
A) transfer payments, grants to states, interest payments on the national debt and income tax revenues B) grants to states, interest payments on the national debt, income tax revenues and government purchases C) interest payments on the national debt, income tax revenues, government purchases and transfer payments D) government purchases, transfer payments, grants to states and interest payments on the national debt
If a firm hires 312 workers it will produce 4,522 units of output. If it hires 313 workers it will produce 4,786 units of output. The marginal physical product of labor equals
A) 4,786. B) 313. C) 264. D) 1.
Which of the following is true about workers who experience structural unemployment?
a. They quickly accept a much lower salary in a different industry. b. They become unemployed due to the business cycle fluctuations. c. They sometimes enter the pool of discouraged workers. d. They tend to quit their job search very easily. e. They usually have the necessary skills to maintain their level of income in another industry.
In the long run, which of the following conditions is true for a monopolistically competitive firm?
A. P > AC and MR = MC. B. P = MC and MR > AC. C. P = AC and MR = MC. D. P > MR and P > AC.