LaMonique is an archaeologist. She had to meet at least 25 requirements to become certified to legally supervise a dig in her state. Bill knows a lot about archaeology, but he has not earned the certifications that LaMonique has earned, so he is unable to lead an excavation. LaMonique’s ability to get jobs that Bill cannot is due to ______.
a. illegal barriers
b. legal barriers
c. economies of scale
d. input control
b. legal barriers
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In Brown v. Topeka Board of Education, the Supreme Court established that
A) "separate educational facilities are inherently unequal." B) "educational facilities must remain segregated for the good of the majority." C) "educational facilities in the United States are not sufficiently segregated to require any government action." D) "individual states have the right to segregate educational facilities as they see fit."
When an economy faces diminishing returns
A) the slope of the per-worker production function becomes steeper as capital per hour worked increases. B) the per-worker production function shifts to the left. C) the slope of the per-worker production function becomes flatter as capital per hour worked increases. D) the per-worker production function shifts to the right.
An increase in the supply of money will lead to ____ in equilibrium real GDP and ____ in equilibrium price level
a. an increase; an increase b. an increase; a decrease c. a decreases; an increase d. a decrease; a decrease
Assume that full-employment real GDP is Y = $1,200 billion, the current equilibrium real GDP is Y = $800 billion, and the MPC is 0.50 . What level of aggregate expenditures will close the recessionary gap?
a. $50 billion. b. $80 billion. c. $140 billion. d. $200 billion. e. $400 billion.