In going from the simple to the flexible accelerator, j is set at ________, and v* is ________
A) one, allowed to vary
B) one, set at less than one
C) less than one, set at less than one
D) less than one, set at one
E) less than one, allowed to vary
E
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Refer to Table 17-6. The Hair Cuttery, a new hair salon, is ready to start hiring. The table above shows the relationship between the number of hairdressers the firm hires and the quantity of haircuts it produces
a. Suppose the price of haircuts is $8. Complete the table by filling in the values for marginal product and marginal revenue product. b. The Hair Cuttery is an input price-taker. Suppose the wage paid to hairdressers is $40 per day. What is the profit-maximizing number of hairdressers? c. Suppose the wage rate rises to $60 per day. (i) What happens to the firm's demand curve for hairdressers? (ii) What happens to the profit-maximizing quantity of hairdressers? d. Suppose the wage rate is $40 per day and the price of haircuts is now $10. (i) What happens to the firm's demand curve for hairdressers? (ii) What happens to the profit-maximizing quantity of hairdressers?
Which of the following will cause the marginal cost curve of making cigarettes to shift?
A) a $5 million penalty charged to each cigarette maker B) a $1 per pack tax on cigarettes C) a $1 million advertising campaign by the American Cancer Society D) All of the above.
The time interval between observations can be all of the following with the exception of data collected
A) daily. B) by decade. C) bi-weekly. D) across firms.