Total revenue cannot be derived from the demand curve or a demand schedule
a. True
b. False
Indicate whether the statement is true or false
False
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Low-wage manufacturing industries exhibit which of the following?
(a) Low output per worker (b) Added value that rises above labor's share of total employment (c) Highly educated and skilled workers (d) All of the above
According to the Keynesian view, if an economy was operating at long-run equilibrium, an increase in government expenditures (holding taxes constant) would
a. be inflationary. b. lead to a recession. c. lower the real rate of interest. d. reduce the size of the national debt.
If the supplies of capital and labour are fixed and technology is unchanging, then real output is:
A. fixed. B. determined by demand. C. uncertain. D. subject to wide fluctuations.
Suppose Indiana produces only steel and corn, with fixed amounts of land, labor, and capital resources. Which scenario best sets the stage for economic growth?
A) The unemployment rate in Indiana rises from 5% to 6%. B) The Midwest has a devastating drought. C) The percentage of Indiana residents with a college degree rises from 25% to 30%. D) The United States imports more and more low-cost steel from Asian countries.