Which of the following constitutes an external cost of driving an automobile?
A) insurance
B) fuel
C) pollution
D) wear and tear
C
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Stage III of the short-run Production Function is
A) the most efficient mix of inputs. B) the least costly level of output. C) where additional units of variable inputs will lead to less output. D) where additional units of variable inputs will lead to more output.
According the traditional Keynesian approach, an increase in government spending is effective in raising real Gross Domestic Product (GDP) if
A) the price level is fixed. B) the price level is flexible. C) the price level does not exist. D) Ricardian equivalence occurs, regardless of the price level.
A firm replaces a machine by hiring 3 hourly production workers instead. a. Both its fixed and variable costs will fall
b. Both its fixed and variable costs will rise. c. Its fixed costs will rise and its variable costs will fall. d. Its fixed costs will fall and its variable costs will rise.
Which of the following is not a coincident indicator?
A. personal income B. industrial production C. manufacturing and trade sales D. average workweek