According to the traditional view of the production function, which of the following values of the additions to output per worker would be consistent with moving from 5 to 6, and then from 6 to 7, and then from 7 to 8 units of capital per worker in that order?
a. 40, 40, 40
b. 40, 35, 38
c. 40, 34, 32
d. 40, 43, 48
c
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The most profitable output level can be found by looking at which two curves?
a. P and MR. b. MR and MC. c. MC and TC. d. P and AVC. e. AVC and ATC.
Stabilization policy is the name given to government economic policies designed to
a. stabilize the price level. b. shorten and/or prevent recessions. c. diminish unemployment. d. All of the above are correct.
Figure 4-25
Refer to . The price that buyers pay after the tax is imposed is
a.
P1.
b.
P2.
c.
P3.
d.
impossible to determine from the figure.
Some nations benefit absolutely from abandoning their monetary policy and control of their currency because:
A) their monetary policy permitted high inflation under pressure from political interests that would not be present under a common currency arrangement. B) they did not have sufficient currency in their own nation to support a higher GDP. C) they had a strong currency, which hurt their exports. D) the central bank would keep the money supply under tight control, which is not good for economic expansion and jobs.