For a person who owns and operates an automobile, insurance premiums are a __________ and maintenance and repairs are a __________
a. revenue; cost
b. fixed cost; fixed cost
c. variable cost; variable cost
d. variable cost; fixed cost
e. fixed cost; variable cost
E
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Within the IS-LM curve model, if the government cut taxes at the same time that there was an autonomous increase in investment demand, then
a. income would rise and the interest rate would fall. b. income and the interest rate would rise. c. income would rise but the effect on the interest rate is uncertain. d. the interest rate would rise but the effect on income is uncertain. e. the effects on both income and the interest rate are uncertain.
The quantity of GDP produced per worker, typically measured in quantity of GDP per hour of labor, is known as
a. labor productivity b. capital productivity c. the degree of labor specialization d. the marginal productivity of labor e. the size of the labor force
In an economic system with privately owned, profit-maximizing banks, there will always be a difference between
a. private profits and social profits. b. bank profits and other corporate profits. c. bank profits and macroeconomic objectives. d. bank profits and government profits.
If a good generates an external cost, the market will produce
a. some of the good but not enough b. too much of the good. c. an optimal amount of the good. d. none of the good.