The market supply curve is calculated by:
A.) Summing the marginal cost curves of all firms.
B.) Averaging the individual supply curves.
C.) Summing the prices from individual supply curves.
D.) Averaging the individual marginal cost curves below ATC.
A.) Summing the marginal cost curves of all firms.
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One of the shortcomings of the government's method of measuring unemployment tends to make the official unemployment rate an overestimate of the unemployment problem:
A) people working less than twenty hours a week are counted as unemployed. B) people seeking part-time jobs are counted as fully unemployed. C) people who have given up looking for work are counted as fully unemployed. D) "discouraged workers" aren't counted as unemployed.
Securities Taxes Congress has proposed a new tax on any transactions of securities traded on Wall Street. How would this destroy wealth?
Suppose there are two small island countries: Avarice, which is populated by people who are completely self-interested, and Altruism, which is populated by people who have adopted social norms of generosity and cooperation. Suppose residents of each island often play prisoner's dilemma games, always matched with a person from the same island, but not a person who they know or will play with again. If the same number of games is played on each island, you would expect:
A. players on both islands to quickly converge to playing their dominant strategies. B. the residents of Altruism to have higher average payoffs than the residents of Avarice. C. players on both islands to quickly converge to playing their dominated strategies. D. the residents of Avarice to have higher average payoffs than the residents of Altruism.
Which of the following examples, ceteris paribus, is most likely to cause a leftward shift in that nation’s long-run aggregate supply curve?
a. Canada reduces government regulations on businesses. b. Mexico experiences 10 years of favorable weather conditions. c. The United States lowers its retirement age by 10 years. d. Norway increases access to on-the-job training programs.