At a given output level, a temporary reduction in government purchases will
A) increase desired saving, causing the IS curve to shift down and to the left.
B) increase desired saving, causing the IS curve to shift up and to the right.
C) decrease desired saving, causing the IS curve to shift down and to the left.
D) decrease desired saving, causing the IS curve to shift up and to the right.
A
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The table above gives the total revenue and total cost for a perfectly competitive firm producing chocolate chip cookies. If the firm increases its output from 2 pounds of cookies to 3 pounds, the marginal revenue is ________ per pound of cookies
A) $11 B) $15 C) $30 D) $45
The labor supply curve is backward bending because at higher wages the income effect eventually dominates the substitution effect
Indicate whether the statement is true or false
A country's gross national product (GNP) is
A) the value of all final goods and services produced by its factors of production and sold on the market in a given time period. B) the value of all intermediate goods and services produced by its factors of production and sold on the market in a given time period. C) the value of all final goods produced by its factors of production and sold on the market in a given time period. D) the value of all final goods and services produced by its factors of production and sold on the market. E) the value of all final goods and services produced by its factors of production, excluding land, and sold on the market in a given time period.
Identify the correct statement
a. Between the 1960s and the 1990s, per capita GDPs grew faster in nonglobalizing countries. b. Between the 1960s and the 1990s, per capita GDPs grew faster in globalizing countries than in industrialized countries. c. Between the 1960s and the 1990s, per capita GDP growth rates in the industrialized world increased. d. Between the 1960s and the 1990s, per capita GDP in the industrialized world decreased. e. Between the 1960s and the 1990s, per capita GDP in all developing countries increased.