The modern treatment of general equilibrium was pioneered by:
A. Kenneth Arrow and Gerard Debreu.
B. Gerard Debreu and Leon Walras.
C. Leon Walras and John Nash.
D. John Nash and Kenneth Arrow.
A. Kenneth Arrow and Gerard Debreu.
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If a household has a husband, wife, and two kids, has a standard deduction of $12,600, has itemized deductions of $6,650, and personal exemptions of $16,000 (4*$4,000), then the first ________ of income is federal income tax free.
A. $20,650 B. $28,600 C. $13,250 D. $34,250
The maximum total economic profit that can be made by colluding duopolists
A) is less than the economic profit made by a monopolist. B) equals the economic profit made by a monopolist. C) exceeds the economic profit made by a monopolist. D) bears no necessary relation to the economic profit made by a monopolist.
Identify the 3 curves in the above figure
A) (1 ) is long-run aggregate supply, (2 ) is short-run aggregate supply, (3 ) is aggregate demand. B) (1 ) is aggregate demand, (2 ) is short-run aggregate supply, (3 ) is long-run aggregate supply. C) (1 ) is short-run aggregate supply, (2 ) is long-run aggregate supply, (3 ) is aggregate demand. D) (1 ) is long-run aggregate supply, (2 ) is aggregate demand, (3 ) is short-run aggregate supply.
For the labor force to definitely increase,
A. People must turn from being discouraged workers into people actively seeking employment. B. There must be an increase in immigration. C. There must be an increase in total population. D. None of the choices are correct.