Refer to Labor Demand and Labor Supply. What does area A + B + C represent?
The following questions refer to the accompanying diagram, which shows an industry's labor demand and labor supply. Labor and capital are the only factors used by the industry. The industry hires L units of labor at a wage of PL.
a. The industry's total revenue.
b. The rent earned by the industry's laborers.
c. The total wages paid to the industry's laborers.
d. The rent earned by the industry's capital.
a. The industry's total revenue.
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If you as a lender want an increase in purchasing power of 4 percent from making a loan and you set the nominal interest rate at 9 percent, then your
A. real rate of interest is 13 percent. B. expected rate of inflation is 5 percent. C. expected rate of inflation is 13 percent. D. real rate of interest is 36 percent.
________: level of output at which average variable costs equal average revenue or the market price
Fill in the blank(s) with correct word
Federal government expenditures as a percentage of GDP
A) have risen since the early 1950s to the present. B) have fallen since the early 1950s to the present. C) rose from 1950 to 1991, fell from 1992 to 2001, rose again until 2011, and have fallen from 2011 to the present. D) rose from 1950 to 2001 and then fell from 2001 to the present. E) rose from 1950 to 1980, fell from 1981 to 2001, and have risen from 2001 to the present.
You have $64 to spend on fish (F) and chips (C). Suppose the price per unit of fish (Pf) is $8 and the price of chips (Pc) is $2. Your utility function for fish and chips is given as 
such that MUc. = andMUF = 
are the marginal utilities of F and C. How many units of C and F should you buy to exhaust all income and to maximize utility?
What will be an ideal response?