Regulation in the labor market is not necessarily undesirable, but should be subject to the:
A. principle of comparative advantage.
B. principle of increasing opportunity cost.
C. cost-benefit principle.
D. scarcity principle.
Answer: A
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Explain what happens to the short-run aggregate supply curve when output exceeds its potential
What will be an ideal response?
Figure 3-19
Refer to . Buyers who value this good less than price are represented by which line segment?
a.
AC.
b.
CE.
c.
BC.
d.
CD.
An average variable cost function is estimated asAVC = 96 ? 2Q + 0.05Q2Which of the following cost functions is associated with this estimate?
A. SMC = 96 - 4Q + 0.1Q2 B. TVC = 96Q- 2Q2 + 0.05Q3 C. TVC = 96Q + 4Q2 + 0.15Q3 D. SMC = 96 - 4Q + 0.15Q2 E. both b and d
Which of the following best illustrates the circular flow model in action?
A. Bobbie goes to work and builds cars, and uses the income she receives to buy food at the grocery store. B. Evan buys a new couch; the owner of the furniture store uses some of the money from the sale to pay her supplier, and uses the rest to take her family out to dinner. C. Boeing experiences a surge in orders for new airplanes, prompting the company to hire more workers. D. All of these answers illustrate the workings of the circular flow model.