If workers sit idly by for a portion of their workday, but are still employed, ________
A) the negative productivity shock has no effect on output
B) it is unlikely that a decrease in aggregate demand is the cause
C) aggregate data may create a false illusion of a negative productivity shock
D) a negative productivity shock is the most plausible explanation
C
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The tax treatment of corporate profit means that corporations
A. cannot profitably issue common stock. B. choose investment opportunities more efficiently than do other types of firms. C. limit the things in which corporations can invest. D. can generally avoid paying federal taxes but not state taxes.
The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If a $1 tariff is imposed on imported rice, the change in consumer surplus is
A) c + d. B) c + d +g. C) a + b + c + d. D) f + g.
According to the majoritarian vision of democracy, what role should citizens who hold minority preferences play in determining policy?
A. They should serve as a check on the power of the majority. B. Their opinions should be a part of a consensus that determines policy. C. Citizens with minority preferences should have no role in the policymaking process. D. They should be as fully involved in the process as those who hold majority preferences.
Governments use microeconomic models to
A) predict the impact of a policy before adopting it. B) consider the tradeoff between clean air and a high level of GDP. C) determine the tradeoff between equity and efficiency. D) All of the above.