The intangible costs associated with reduced quality of life include:
a. potential income lost due to premature death.
b. the cost of home remodeling to accommodate a physical handicap.
c. pain and suffering.
d. household services that must be replaced, such as housework.
e. lost productivity at work.
c. pain and suffering.
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A profit-maximizing monopolistic competitor continues production until ________
A) marginal revenue exceeds marginal cost B) marginal revenue equals marginal cost C) marginal revenue exceeds average revenue D) marginal revenue equals average revenue
In the above figure, the long-run average cost curve exhibits constant returns to scale
A) between 5 and 10 units per hour. B) between 10 and 20 units per hour. C) between 20 and 25 units per hour. D) along the entire curve.
Refer to Figure 28-9. A follower of the new classical macroeconomics would argue that a contractionary monetary policy to lower inflation after a supply shock, like that pursued by Volcker in 1979, would result in a movement from
A) C to D to A. B) A to B. C) C to A. D) A to C. E) A to D to C.
If you were a Keynesian and wanted to stimulate the economy (to increase real GDP), you would
a. increase the money supply to lower the interest rate in order to increase investment b. increase the money supply to lower the interest rate in order to decrease investment c. decrease the money supply to lower the interest rate in order to increase investment d. decrease the money supply, which causes consumption to increase and saving to fall e. increase the money supply, which causes the interest rate to increase and production to increase as well