Raising the personal income tax rate rotates the consumption function ________ and ________ the tax-adjusted MPC
A) downward; raises B) upward; raises C) downward; lowers D) upward; lowers
C
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The decision about whether to change prices frequently or infrequently is an application of the:
A. cost-benefit principle. B. scarcity principle. C. principle of comparative advantage. D. principle of increasing opportunity cost.
Using the data in the above table, in the long-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________
A) 115; $10 trillion B) 110; $10 trillion C) 105; $11 trillion D) 115; $11 trillion
A bank's net interest margin is
A) total interest income minus total interest expense. B) net interest income as a percent of bank equity. C) net interest income as a percent of total bank assets. D) net interest as a percent of total income.
At McDonald's, economies of scale at the firm level
a. can be traced to factors such as the use of centralized training and common menus for all restaurants b. exist only in the short run c. occur above the firm's minimum efficient scale d. can be traced to the diminishing marginal productivity of a variable resource, such as labor e. occur over the range of output for which the firm's total cost curve is upward sloping