Based on the graph showing the Phillips curve, you would expect to see ______ at point A than at point B.
a. higher real wages
b. lower real wages
c. prices increasing faster
d. companies seeking more workers
a. higher real wages
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In the 2008-09 recession, the government deficit
A) stayed roughly constant. B) decreased. C) increased. D) would have increased if the government had intervened.
The most heavily traded category of goods in the world is:
a. office and telecom equipment. b. chemicals. c. iron and steel. d. textiles. e. crude petroleum.
Profit maximization occurs where
A) each factor is used up to the point where its marginal revenue product is equal to its marginal factor cost. B) each factor is used up to the point where its marginal physical product is equal to its marginal factor cost. C) average variable cost equals marginal cost. D) average variable cost equals average total cost.
The first economist to analyze economic rent was
A. John Stuart Mill. B. Henry George. C. David Ricardo. D. Karl Marx.