It is easy to define income for tax purposes
a. True b. False
b
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If the long-run aggregate supply curve is vertical,
A) the trade-off between unemployment and inflation cannot be permanent. B) the short-run Phillips curve must be vertical. C) the economy stays at the natural rate of inflation in the long run. D) unemployment and inflation are positively related in the long run.
How does the principal-agent problem extend to managers and employees?
What will be an ideal response?
A monopolistically competitive firm maximizes profit in the short run by producing where
A) price is less than marginal revenue. B) price is greater than marginal cost. C) price is less than average revenue. D) price is less than marginal cost.
To measure the annual increase in the capital stock most broadly, we should include
a. business purchases of plant and equipment, changes in inventory, and new home construction b. private investment spending plus government investment spending c. stocks and bonds purchased by firms, total investment, and human capital d. purchases of durable goods and human capital e. net private investment spending, net government investment spending, purchases of durable goods, and investment in human capital