Refer to the data. The total cost of four units of output is:
A. $260.
B. $77.50.
C. $310.
D. $215.
C. $310.
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The actual multiplier for the U.S. economy is estimated to be
A. about 10. B. approximately 5. C. between 3 and 4. D. less than 2.
When actual output is greater than potential output there is a(n):
A. expansionary gap. B. recessionary gap. C. budget surplus. D. budget deficit.
What is the immediate result of applying the Clean Air Act to a previously nonregulated industry?
A. Price increases and production is reduced. B. Price decreases and production is enlarged. C. Price increases and production is enlarged. D. Price decreases and production is reduced.
Refer to the diagrams and assumptions. If all the workers who lose their jobs in the union sector because of a W n to W u union wage increase are reemployed in nonunion sector 2, output in that sector will:
These two graphs show two sectors of the labor market for a particular kind of
labor. Relevant product markets are competitive. The two labor demand curves are identical and initially the quantities of labor employed in the two sectors are L 1 and L 1 and the wage rate in each sector is W n
A. decrease by F + G.
B. increase by F + G.
C. increase by E + F.
D. increase by E.