In the U.S., people tend to discard items rather than repair them because
a. Americans are lazy
b. of the high opportunity cost of time
c. it is costly to use land for waste disposal
d. high wages in the waste disposal industry discourages repairs
e. low wages in the repair industry encourages disposal
B
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
"Given the long run implication of Solow's growth model with respect to the rate of savings, the low savings rate in the United States is not a problem." This statement overlooks that over time it appears that
A) total factor productivity and the growth rate of capital per person are positively related. B) total factor productivity and the growth rate of capital per person are inversely related. C) total factor productivity and the difference between the growth rates of capital per capita and population are not related a and k - n are not related. D) savings rates and per capita growth rates are inversely related.
A firm is currently operating where the MC of the last unit produced = $64, and the MR of this unit = $70 . What would you advise this firm to do?
a. Shut down. b. Increase output. c. Stay at current output. d. Decrease output. e. Decrease price.
In the below graph, unemployment created by the minimum wage is:
A. B - A
B. B - 0
C. B - E
D. 0