________ is defined as national income + transfers - taxes
A) Disposable income B) Personal income
C) GDP D) Gross private domestic investment
A
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Refer to Figure 4-6. What is the value of the deadweight loss after the imposition of the price floor?
A) $600 B) $1,800 C) $2,700 D) $3,300
If the public is not sure about the central bank's motives, then
A) initial releases of data may be less accurate than later data releases. B) the predominant source of shocks to the economy must be shocks to the LM curve. C) central bankers should try to stabilize the inflation rate. D) modern macroeconomic modeling techniques will fail.
If the price of labor is constant and a firm experiences diminishing marginal product, then its
A. marginal costs increase. B. total costs decrease. C. marginal costs decrease. D. fixed costs increase.
If the marginal cost curve is below the average variable cost curve, then
A. average variable costs are decreasing. B. average variable costs are increasing. C. marginal cost must be decreasing. D. average variable costs could either be increasing or decreasing.