Under President Eisenhower the problem of inflation.
A. got a lot worse.
B. got a little worse.
C. got a little better.
D. got a lot better.
D. got a lot better.
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When a minimum wage is ________, the firms' surplus and workers' surplus shrink, a deadweight loss ________, and resources are lost in job search
A) inefficient; arises B) inefficient; disappears C) efficient; arises D) efficient; disappears E) nonexistent; arises
In the above figure, if the price is P1, the firm maximizes its profit by producing
A) nothing. B) where MC equals ATC. C) where MC equals P1. D) where ATC equals P1.
Which of the following is true of the simple spending multiplier
a. It equals the ratio of the marginal propensity to consume to the marginal propensity to save. b. It equals the difference between the marginal propensity to save and the marginal propensity to consume. c. It is the reciprocal of the marginal propensity to save d. It is the reciprocal of the marginal propensity to consume. e. It is the sum of the marginal propensity to consume and the marginal propensity to save.
Deadweight loss is the difference between consumer surplus and producer surplus.
Answer the following statement true (T) or false (F)