Refer to Table 1-2. Using marginal analysis, how many hours should Julius extend his shop's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
A
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Your textbook uses steel, concrete, and aluminum to describe the nature of competition between industries. What is important about this example is that it helps distinguish between
a. industries and markets b. firms and industries c. firms and markets d. different construction technologies e. factor markets for buildings
Which of the following is a major drawback of the European Monetary Union?
A. Its inability to use monetary policies to address a recession that affects some member countries but not others B. Its inability to agree to a target for the euro area inflation rate C. Its inability to raise efficiency in production, thus lowering aggregate output of the member nations D. Its inability to bring down the transaction costs of trade between member nations
Suppose that the price elasticity of supply is 0.8 and the price increases by 10%. We would predict:
A. an 8% increase in quantity supplied. B. a 12.5% increase in quantity supplied. C. a 0.8% increase in quantity supplied. D. a 1.25% increase in quantity supplied.
In January 2009, the President submitted a bill to Congress that was designed to stimulate the economy and increase employment. The legislation was passed in March 2009, and the spending occurred from June 2009 to September 2010. Consequently
A. the full impact of the bill would be felt by the end of September 2010. B. the full impact of the bill would be felt by March 2009 because people anticipated the effects of the increased spending. C. the economy should have been at full employment by December 2009. D. the full effect of the spending would be felt some time after September 2010 because the full multiplier effects could not be felt until all the increase in spending took place.