Because marginal revenue product reflects productivity, increases in productivity directly shift
A. input demand curves to the left.
B. input demand curves to the right.
C. input supply curves to the left.
D. input supply curves to the right.
Answer: B
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Let C = 40 + 0.8y and I = 10. Autonomous consumption is
A) 10. B) 32. C) 40. D) 50.
Explain why the socially optimal output is not always the same as the market output.
What will be an ideal response?
If both the demand for and the supply of computers are increasing, which of the following statements is TRUE?
A) The consumer should buy a computer now since the price will be higher in the future. B) The consumer should wait and buy a computer later since the price will be lower in the future. C) The price of a computer will be the same in the future as it is now. D) It is impossible to know, given only this information, whether the prices of computers will go up or down in the future.
The recession of 2007-2009 was the most severe economic downturn in the U.S. since the
a. 1930s. b. 1950s. c. 1970s. d. 1980s.