The marginal product curve of input Y shows
A. how the average quantity of output produced varies with input Y, holding all other inputs constant.
B. how the quantity of output produced changes for each amount of input Y, whether or not all other inputs are held constant.
C. how the quantity of output produced changes for each amount of input Y, holding all other inputs constant.
D. how the average quantity of output produced varies with input Y, whether or not all other inputs are held constant.
Answer: C
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Suppose the only professional hockey team within 500 miles is the Salt Lake City Slappers team. If the State of Utah imposes a profits tax on sports teams, the Slappers will
a. raise ticket prices b. lower ticket prices to boost sales c. maintain ticket prices and suffer a loss in profits d. expand the number of home hockey games e. reduce the number of home hockey games
Assume that business investment spending rises, and the increase is funded by greater borrowing in the capital markets. If the nation has low mobility international capital markets and a fixed exchange rate system, what happens to the quantity of real loanable funds per time period and monetary base in the context of the Three-Sector-Model?
a. The quantity of real loanable funds rises and monetary base rises. b. The quantity of real loanable funds rises and monetary base falls. c. The quantity of real loanable funds and monetary base fall. d. The quantity of real loanable funds and monetary base remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
The direct transfer of goods and services rather than cash is known as
A. Poverty support. B. In-kind transfers. C. Welfare income. D. Transfer payments.