According to the text, minimum-wage laws cause increases in
A. productivity.
B. employment possibilities.
C. poverty.
D. structural unemployment.
Answer: D
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In the above figure of a monopolistically competitive firm, the marginal cost of the last unit produced is equal to ________ and is ________ marginal revenue
A) P2; greater than B) P3; greater than C) P1; greater than D) P1; equal to
Provisions in the budget that cause government spending to rise or taxes to fall without legislation when GDP falls are known as
A) primary deficit enhancers. B) expansionary fiscal stimulus. C) non-political fiscal policy. D) automatic stabilizers.
If households purchase $60,000 worth of consumer goods and firms produce $50,000 worth of consumer goods, then
A) inventory changes are -$10,000. B) inventory changes are +$10,000. C) new capital goods expenditures (by firms) are $10,000. D) consumer goods expenditures are $10,000.
Suppose the president of a college argues that a 25 percent tuition increase will raise revenues for the college. It can be concluded that the president thinks that demand to attend this college is:
A. elastic. B. inelastic, but not perfectly inelastic. C. unitary elastic. D. perfectly elastic.