A recession begins in January but government policy makers do NOT reach a consensus that a recession had in fact begun until June. This is an example of a(n)
A. effect time lag.
B. quick time lag.
C. recognition time lag.
D. action time lag.
Answer: C
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If foreign real national income rises, the U.S. ____________ curve shifts _____________. When labor productivity increases the _____________ curve shifts _______________. If both of these situations occur simultaneously, the combined result would be a(n) ______________ the price level and a(n) __________________ Real GDP in the United States
A) AD; leftward; SRAS; rightward; decrease in; indeterminant impact on B) AD; rightward; SRAS; leftward; increase in; indeterminant impact on C) SRAS; leftward; SRAS rightward; indeterminant impact on; indeterminat impact on D) AD; rightward; SRAS; rightward; indeterminant impact on; increase in
Suppose the court system begins to make it easier for plaintiffs to win large payments from doctors and other medical professionals who are accused of malpractice. What result would you expect?
A. Doctors would order more diagnostic tests and treatment procedures even when the costs of those procedures exceed the benefits to the patient. B. Claims on medical insurance plans would probably fall. C. The cost of medical care would fall because doctors would avoid expensive tests and treatments. D. More people would seek training to become medical professionals because they would be able to make more money ordering tests and treatment procedures.
A level at which the marginal production goes up with new investment:
a. increasing marginal returns b. total cost c. marginal revenue d. marginal product of labor e. marginal cost
Exhibit 9-2 Demand and cost information for a monopoly Q P TC 0 40 10 1 30 15 2 20 25 3 10 40 4 0 60 Refer to Exhibit 9-2. Using the rule that focuses on the marginal approach to maximizing profits, the monopolist maximizes profit by choosing price equal to:
A. $40. B. $20. C. $10. D. $30.