The Great Depression was characterized by:
A. the Roaring Twenties.
B. accelerated economic growth.
C. unemployment exceeding 25 percent.
D. firms rapidly expanding their borrowing rates.
Answer: C
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According to rational expectations
A) expectations of inflation are viewed as being an average of past inflation rates. B) expectations of inflation are viewed as being an average of expected future inflation rates. C) expectations formation indicates that changes in expectations occur slowly over time as past data change. D) expectations will not differ from optimal forecasts using all available information.
Suppose a farmer is a price taker in soybeans with cost functions given by TC = .1q2 + 2q + 100 MC = .2q + 2 Suppose the farmer has to purchase a license for $50 per period in order to stay in business. In this case, its marginal cost function is
a. still MC = .2q + 2 b. MC = .2q + 50 c. MC = .2q + 52 d. MC = 50
An example of a good that is nonexcludable is:
A. an art exhibition with an admission fee. B. a piece of Velcro. C. space exploration. D. a bottle of Tang.
The price elasticity of demand for labor equals
A) the percentage change in the price of labor divided by the percentage change in the supply of labor. B) the change in the quantity demanded of labor divided by the change in the price of labor. C) the slope of the demand curve for labor. D) the percentage change in the quantity demanded of labor divided by the percentage change in the price of labor.