Refer to the information provided in Figure 12.1 below to answer the question(s) that follow. 
Figure 12.1 Refer to Figure 12.1. This firm is currently at Point B on the ATC curve. If this firm moves toward Point A, this will make the
A. economy more efficient.
B. economy less stable.
C. economy more stable.
D. distribution of outcome more equitable.
Answer: A
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Suppose that inventories were $80 billion in 2012 and $70 billion in 2013. In 2013, national income accountants would ________.
A. subtract $75 billion (= $150/2) from other elements of investment in calculating total investment B. add $10 billion to other elements of investment in calculating total investment C. add $75 billion (= $150/2) to other elements of investment in calculating total investment D. subtract $10 billion from other elements of investment in calculating total investment
The table above shows the total product schedule for Shines Car Wash. The market for car washes is perfectly competitive and car washes sell for $5 each. The labor market is competitive and the wage rate is $50 per day
What is the value of marginal product for each worker? How many workers does the firm hire to maximize profit?
Which of the following is a shortcoming of GDP?
a. GDP measures nonmarket transactions. b. GDP includes an estimate of illegal transactions. c. GDP includes an estimate of the value of household services. d. None of these are true.
At one time, policy makers interpreted the Phillips curve as offering a menu of inflation-unemployment choices. Today, the curve is no longer viewed this way. Why has the interpretation changed?