Which of the following is likely to lead to an increase in the quantity supplied of steel?
A) An expected increase in the demand for steel in the future
B) A rise in the market price of steel
C) A fall in the wage rate of labor employed in the steel industry
D) An increase in the productivity of capital due to technological innovation
B
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An increase in foreign investment in Brazil's mining industry will increase the capital stock in Brazil. All else equal, as the capital stock increases, the marginal product of capital (MPK) will
A) increase due to diminishing marginal returns. B) decrease due to diminishing marginal returns. C) increase since capital is not subject to diminishing marginal returns. D) decrease since capital is not subject to diminishing marginal returns.
In the short run, a monopolist will always shut down when
a. total cost is greater than total revenue at all output levels b. total variable cost is greater than fixed cost c. total revenue is greater than total variable cost at all output levels d. fixed cost is greater than total revenue at all output levels e. total variable cost is greater than total revenue at all output levels
The trade-off between unemployment and inflation is known as
A. an expansionary gap. B. the Phillips curve. C. the misery curve. D. the Keynesian mechanism.
If Congress increases government spending, it is using
A. monetary policy. B. fiscal policy. C. incomes policy. D. supply-side policy.