When current growth builds on past growth, growth is:
A) logarithmic. B) exponential. C) linear. D) negative.
B
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Suppose you are paid a wage of $50 per hour. if your marginal income tax rate is 20%, then for every additional hour you work, your after-tax wage is
A) $10. B) $20. C) $25. D) $40.
When neo-Keynesians looked at 1970s–1980s inflation and unemployment data, they found
a. not a single Phillips curve, but a set of Phillips curves b. a relatively well-behaved downward-sloping Phillips curve c. a vertical Phillips curve, which helped to explain stagflation d. a Phillips curve that was very similar to the Phillips curve of the 1960s e. a Phillips curve that behaved like a Laffer curve
For the purpose of calculating GDP, investment is spending on
a. stocks, bonds, and other financial assets. b. real estate and financial assets such as stocks and bonds. c. capital equipment, inventories, and structures, including household purchases of new housing. d. capital equipment, inventories, and structures, excluding household purchases of new housing.
If marginal cost is less than average cost, at current levels of production,
a. average cost is increasing with output. b. average cost is decreasing with output. c. total cost is decreasing. d. average cost is at a minimum.