In a graph with output on the horizontal axis and total revenue on the vertical axis, what is the shape of the total revenue curve for a perfectly competitive seller?
A) a ray from the origin B) inverted U-shaped
C) U-shaped D) a horizontal line
A
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Which of the following economic variables is affected when the government adopts countercyclical fiscal policy?
A) Government spending B) Bank reserves C) Interest rates D) M2 measure of money supply
If the price of music downloads was to decrease, then
A) the supply of MP3 players would increase. B) the demand for MP3 players would decrease. C) the demand for MP3 players would increase. D) the quantity of MP3 players demanded would decrease.
Adding the quantities demanded by all consumers at every price will yield
A) the market-clearing price. B) the number of consumers. C) the total substitution effect from a price change. D) the market demand curve.
The changing age structure of the US population and more efficient labor markets are both possible explanations for:
A. the stagnation of real wages. B. the 2001 recession. C. the decline in the natural rate of unemployment. D. the increase in the cyclical rate of unemployment.