The pure monopolist's demand curve is relatively elastic:
A. in the price range where total revenue is declining.
B. at all points where the demand curve lies above the horizontal axis.
C. in the price range where marginal revenue is negative.
D. in the price range where marginal revenue is positive.
Answer: D
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Marginal productivity is
a. The total output associated with total inputs b. The total output associated with extra inputs c. The extra output associated with total inputs d. The extra output associated with extra inputs
Unemployment insurance is a part of
A. stabilization policy. B. growth policy. C. right to work laws. D. social security.
Macroeconomics deals with the analysis of all of the following questions except:
A. why do national economies grow. B. how does Microsoft price its software packages. C. how does a central bank influence inflation. D. why does a country experience recessions.
What is meant by saying that economics is an empirical science?
A. Economic theories will be tested by seeing how well they correspond to real-world phenomena. B. Economic theories will be tested by seeing how well they correspond to people's declared preferences. C. Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. D. Economic theories cannot be tested because economic variables change too quickly.