The immediate-short-run aggregate supply curve represents circumstances where:
A. both input and output prices are fixed.
B. both input and output prices are flexible.
C. input prices are fixed, but output prices are flexible.
D. input prices are flexible, but output prices are fixed.
A. both input and output prices are fixed.
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For the late 19th and the first half of the 20th century, which of the following did NOT occur?
(a) The demand for foreign goods declined relatively as domestic income expanded. (b) Population soared. (c) Government intervention in market affairs slowed considerably. (d) The competitive economy fueled industrialization in the U.S.
Suppose a monopoly firm has an annual demand function of Qd = 20,000 - 250P, annual variable costs of VC = 16Q + 0.002Q2 and marginal cost of MC = 16 + 0.004Q, where Q is the annual quantity of output. In addition, the firm has an avoidable fixed cost of $25,000 per year. If this firm maximizes its profit, what is the value of aggregate surplus?
A. $247,250 B. $272,250 C. $242,000 D. $217,000
Which of the following statements is correct about Temporary Assistance to Needy Families (TANF)?
A. Families may not receive benefits for longer than 60 months. B. The Federal program determines eligibility and benefit levels with no discretion left to the state. C. Unwed teenage parents receiving benefits must live in public housing. D. Parents with children under age one must work 20 hours per week to receive benefits.
The interest payment on a bond is called
A) the coupon payment. B) principal. C) the interest rate. D) the face value.