In the above table, if the marginal revenue product is $22, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A. 3; $14
B. 4; $22
C. 4; $16
D. 5; $18
Answer: C
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What does Simon Kuznet's (1958) study on the U.S. economy show?
(a) Short swings in the U.S. business cycles but steady, stable growth in Real Gross Domestic Product (b) Immigrants to the U.S. were attracted by the secular increases in U.S. real wages and incomes (c) A decrease, not increase, in net U.S. migration from 1860 to 1910 (d) No movement in capital, only humans, across the Atlantic economy from 1860 to 1910
The increase in unemployment associated with a recession is called:
a. frictional unemployment. b. discouraged unemployment. c. cyclical unemployment. d. structural unemployment.
Provisions in the law that automatically increase government spending or decrease taxes when real output declines are called:
A. the marginal propensity to consume. B. automatic stabilizers. C. autonomous stabilizers. D. the income-expenditure multiplier.
Income transfers directly alter the mix of output and answer the question of WHAT is produced question.
Answer the following statement true (T) or false (F)