The law firm of Cheep, Cheeper, and Cheeperstill offers a salary of $35,000 to first-year lawyers. This firm will attract applications from
a. exactly the number of lawyers the firm wishes to hire
b. many lawyers whose marginal revenue product is greater than $35,000
c. many lawyers whose marginal revenue product is less than $35,000
d. only lawyers whose marginal revenue product is equal to $35,000
e. many lawyers whose marginal revenue cost is equal to $35,000
C
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Each point on the Phillips curve represents a combination of the:
a. consumption rate and the unemployment rate. b. savings rate and the inflation rate. c. interest rate and the savings rate. d. inflation rate and the unemployment rate.
If nation A has an absolute advantage over nation B in the production of a product, this implies that:
a. it requires fewer resources in A to produce the good than in B. b. the cost of producing the good in terms of some other good's production that must be sacrificed is lower in A than in B. c. nation B could not benefit by engaging in trade with A. d. nation A should acquire this product by trading with B. e. nation A could not benefit by engaging in trade with B.
Contractionary monetary policy:
A. increases the U.S. interest rate and decreases the U.S. exchange rate. B. increases the U.S. interest rate and increases the U.S. exchange rate. C. lowers the U.S. interest rate and increases the U.S. exchange rate. D. lowers the U.S. interest rate and decreases the U.S. exchange rate.