A study that deals with the salaries of university professors would be considered:
A. real economics
B. microeconomics
C. macroeconomics
D. economic naturalism
Answer: B
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Refer to Figure 17-8. A typical long-run Phillips curve would have the appearance of a curve running through points
A) B and C. B) A and B. C) A and C. D) A, B, and C.
The ________ problem of discretionary policy arises because economic behavior is influenced by what firms and people expect the monetary authorities to do in the future
A) moral hazard B) time-inconsistency C) nominal-anchor D) rational-expectation
A firm's total product of labor curve is represented by the following data: 1 worker can produce 4 units of output; 2 workers, 10 units; 3 workers, 17 units; 4 workers, 25 units; 5 workers, 30 units; 6 workers, 35 units; 7 workers, 38 units; 8 workers,
39 units; and 9 workers, 38 units. What is the marginal product of the seventh worker? When does the law of diminishing marginal product set in? Under these circumstances would you ever choose to employ nine workers?
The practice of tying is illegal on the grounds that
a. it allows firms to expand their market power. b. it allows firms to form collusive arrangements. c. it prevents firms from forming collusive agreements. d. the Sherman Act explicitly prohibited such agreements.