Regulation that keeps the rate of return in the industry competitive is known as
A) rate-of-return regulation.
B) cost-of-service regulation.
C) social regulation.
D) deregulation.
A
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All else constant, an increase in productivity has the effect of causing:
A) the marginal product of labor to increase and no effect on the average product of labor. B) the average product of labor to increase and no effect on the marginal product of labor. C) the marginal product of labor to increase and the average product of labor to decrease. D) both the marginal and average product of labor to increase.
A relationship that shows the technological possibilities for an economy as a whole is called a
A) production function. B) utility possibilities frontier. C) production possibilities frontier. D) budget constraint.
Iggie took a university teaching job as an assistant professor in 1980 at a salary of $15,000 . By 2011, she had been promoted to full professor, with a salary of $70,000 . If the price index was 82 in 1980 and 225 in 2011, then what is Iggie's 2011 salary in 1980 dollars?
a. $25,511 b. $52,073 c. $40,140 d. $41,159
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher