Match each of the following jobs to its major area: forecasting, analysis, research, or data development. Explain your answers.(a)Economist at university, testing theories about the efficient allocation of resources in the foreign exchange market(b)Economist at Wall Street firm trying to predict the rate of inflation next year using past data(c)Economist at auto firm looking at demand for new automobiles(d)Economist at the International Trade Commission trying to determine whether foreign firms are dumping goods in the United States(e)Economist at the Commerce Department developing new methods for calculating price indexes(f)Economist consulting in Eastern Europe about how to set up free-market financial systems
What will be an ideal response?
| (a) | Research |
| (b) | Forecasting |
| (c) | Analysis |
| (d) | Analysis |
| (e) | Data development |
| (f) | Analysis |
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Andrew's utility of wealth schedule is given in the above table. The table indicates that his marginal utility of wealth ________ as his wealth increases
A) diminishes B) is constant C) increases D) increases first and then diminishes
When demand falls and supply stays the same, equilibrium price ______ and equilibrium quantity ________.
Fill in the blank(s) with the appropriate word(s).
Tax revenues can be found by
A) multiplying the tax base by the (average) tax rate. B) dividing the tax base by the (average) tax rate. C) summing the tax base and the (average) tax rate. D) multiplying taxable income by the marginal tax rate.
For a perfectly competitive firm with a known marginal cost and random demand, as the expected marginal revenue increases, the profit-maximizing quantity ________.
A) approaches zero B) increases C) does not change D) decreases