The procedure used to calculate the present value of future income is called
a. indirect production.
b. investment tax shelter planning.
c. discounting.
d. amortizing.
C
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All of the following will shift the short-run aggregate supply (SRAS) curve EXCEPT
A) a change in the price of labor. B) technological progress. C) a change in the price of a needed raw material. D) a change in the price level.
Which of the following is NOT a characteristic of long-run equilibrium in monopolistic competition?
A) The firm earns zero economic profit. B) Price is equal to average total cost. C) Production occurs at minimum average total cost. D) Marginal revenue is equal to marginal cost. E) Price exceeds marginal revenue.
The effects on the economy of a prolonged decrease in investment are ________ if ________ occurs
A) more pronounced; consumers adjust permanent income downwards B) less pronounced; consumers do not adjust permanent income upwards C) more pronounced; consumers adjust permanent income upwards D) less pronounced; consumers adjust permanent income downwards
Why is a rightward shift of the labor supply curve difficult to rationalize in the classical model?
a. The labor supply curve is based on firms' preferences. b. Labor supply is very difficult to measure. c. The labor supply curve is almost never a known entity. d. Workers' preferences and therefore labor supply tend to change very slowly. e. Workers' preferences and therefore labor supply tend to change very quickly.