Refer to Figure 2-4. A movement from ________ could occur because of an influx of immigrant labor
A) W to X B) X to Y C) X to W D) W to V
B
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Marge Sampson produces and sells 400 jars of homemade jelly each month for $3 each. Each month, she pays $200 for jars, $150 for ingredients, and uses her own time, with an opportunity cost of $500 . Her economic profits each month are:
a. $350. b. $500. c. $650. d. $700.
Which of the following is true of a tariff?
a. It is a tax levied by the government on domestic production of goods and services. b. It is a quantitative restriction on imports imposed by the government. c. It is a monetary benefit received by exporters from the government. d. It is a monetary benefit received by importers from the government. e. It is a tax on import and export levied by the government.
Who is best known for arguing about the long and variable lags of monetary policy?
A) Friedman B) Keynes C) Phillips D) Greenspan E) Bernanke
Which of the following is a true statement?
A. There is a long-run trade-off between inflation and unemployment. B. There is no trade-off between inflation and unemployment in the short-run. C. The short-run Phillips Curve is horizontal. D. The long-run Phillips Curve is vertical.