In the long run, all of a firm's inputs are variable
a. True
b. False
A
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Which of the following is likely to happen if the annualized growth rate of money supply increases while real GDP remains unchanged?
A) The unemployment rate will rise. B) The nominal GDP will fall. C) The inflation rate will fall. D) The inflation rate will rise.
A politician says that the government should tax behavior they want less of and subsidize behavior they want more of. This is an example of
A) cynical behavior in modern democracies. B) failing to consider the alternatives available to the government. C) a concern that people are not rational when they make decisions. D) using incentives to alter behavior.
Approximately what percentage of total health care spending goes toward hospital care?
a. One-tenth. b. One-fifth. c. One-fourth. d. One-third. e. One-half.
MegaCable and Acme are competing for an exclusive contract to provide the city of Dustin with cable television for the next year. The firm that wins the contract will earn an economic profit of $5 million. The contact will be awarded to the firm that spends the most on lobbying. If both firms spend the same amount on lobbying, then the winner will be determined by a coin flip, so each will have a 50 percent chance of winning. If both firms refrain from spending anything on lobbying, the expected profit from the contract is:
A. $2 million. B. $2.5 million. C. $1 million. D. $5 million.