The country of Stanley is at an above-full-employment equilibrium. Which of the following events will return Stanley to full employment?
A) an increase in government expenditures
B) a decrease in the interest rate
C) an increase in the money wage rate
D) an increase in the quantity of money
C
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The demand curve for a product slopes downward to the right because more of the product will be
a. demanded as income rises. b. bought as the population grows. c. purchased as price falls. d. demanded as the price of substitutes falls.
If an industry consists of five firms each with a 20% market share, then the Herfindahl-Hirschman index would equal 1,600
a. True b. False Indicate whether the statement is true or false
Suppose a monopolist chooses the price and production level that maximizes its profit. From that point, to increase society's economic welfare, output would need to be increased as long as
a. average revenue exceeds marginal cost. b. average revenue exceeds average total cost. c. marginal revenue exceeds marginal cost. d. marginal revenue exceeds average total cost.
Different points on a production possibilities curve:
A) yield the same values of total output. B) yield different values of total output. C) have the same values of slope, if the production possibilities curve is non-linear. D) can be achieved simultaneously