A decrease in discrimination against women after the 1970s led most directly to ________
A) an increase in labor demand
B) a decrease in labor demand
C) a decrease in education
D) a decrease in labor supply
A
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An unexpected fall in car sales should send bond prices __________ and stock prices __________
A) up; up B) up; down C) down; up D) down; down
What did Harvard economist Edward Chamberlain say about the observation that a monopolistically competitive firm's average cost of production exceeds its minimum average total cost?
A) Chamberlain argued that these higher costs represent the wastefulness of this market structure. B) Chamberlain argued that this belief is incorrect. In his view, monopolistically competitive firms do not produce at a cost above their minimum average total costs. C) According to Chamberlain, this cost difference represents the value consumers place on variety and having more choice. D) In Chamberlain's view, this is evidence that monopolistic competition uses society's resources inefficiently and in a fashion that merits government intervention.
An example of an automatic stabilizer is:
A. governments purchases rising when GDP rises. B. tax receipts rising when GDP rises. C. government transfers rising when GDP rises. D. a discretionary increase in taxes.
A price index shows
A. the price of goods in the future. B. the current cost of a basket of goods. C. the relative price of necessities. D. the cost of today's goods expressed in terms of the cost of goods in a base year.