The government of a country decides to reduce fiscal spending on national defense. The resulting economic change will be represented by a(n):
a. upward movement along the short-run Phillips curve.
b. downward movement along the short-run Phillips curve.
c. rightward shift of the short-run Phillips curve
d. leftward shift of the short-run Phillips curve.
b
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If a meat packing plant has 30 employees and each employee has a 1 in 90 chance of getting injured on the job, then on average, one employee will get injured on the job every
A) 120 days. B) 1 year. C) 3 years. D) 9 years.
In the above figure, if the price is $16, a profit-maximizing perfectly competitive firm will
A) produce 50 units. B) produce 35 units. C) produce 10 units. D) choose not to produce.
Which of the following statements is TRUE?
A) No economic model captures every detail that affects a problem. B) Economic models always make accurate predictions about behaviors. C) Economic models must fully reflect reality. D) Economic models use economists' opinions with no use of data.
For something to be considered money it must be:
A. Can be used to barter. B. Generally accepted as a medium of exchange. C. Has value. D. A government declares to have value.