Which of the following could cause the production possibilities frontier to shift to the right?
a. More government regulation that stunts economic growth
b. Changes in the rules of the game that stunt economic growth
c. Lower quality resources
d. Fewer productive resources
e. Production of more capital goods and fewer consumer goods
e
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If ten cases of spring water are sold at a price of $6 each in a perfectly competitive output market and the marginal product of the last unit of labor is 5, then the marginal revenue product of that last unit of labor is
a. $60 b. $30 c. $50 d. $2 e. 60 cents
Exhibit 7-12 Marginal revenue and cost per unit curves
?
As shown in Exhibit 7-12, the firm will shut down in the short-run at a price below:
A. OA. B. OB. C. OC. D. OD.
In short-run equilibrium, a competitive firm cannot earn economic profits.
Answer the following statement true (T) or false (F)
Most economists now agree that the Phillips curve demonstrates that there is
A. an unemployment–inflation trade-off in the long run, but not in the short run. B. an unemployment–inflation trade-off in both the short run and the long run. C. an unemployment–inflation trade-off in the short run, but not the long run D. no unemployment–inflation trade-off in either the short run or the long run.