Suppose the short-run production function is q = 10 ? L. If the wage rate is $10 per unit of labor, then MC equals
A) q.
B) q/10.
C) 10/q.
D) 1.
D
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The price of a gallon of gasoline increased from $2.00 to $2.25 while the price of a ride on the city bus increased from 50 cents to 75 cents. The relative price of riding the city bus
A) increased from 0.25 to 0.6. B) decreased from 4.0 to 3.0. C) stayed constant at 0.25. D) stayed constant at 4.0.
In the example of Ireland described in the text, the country's production set shifted outward over time because:
a. of technological advancements which improved its potato cultivation and overall agricultural production. b. it gained new resources over time which enabled it to specialize and gain comparative advantage in software trade with the U.S. and Europe. c. of new resources which allowed it to gain absolute advantage over many of its trading partners. d. of reduction in trade barriers with the European Union.
Decreasing aggregate demand to eliminate an inflationary gap often creates the problem of
a. unemployment. b. increasing real GDP. c. increasing inflation. d. increasing the labor force.
Which of the following statements is true?
A. Both the debt and the deficit or surplus are flow measures. B. The debt is a flow measure and the deficit or surplus is a stock measure. C. The debt is a stock measure and the deficit or surplus is a flow measure. D. Both the debt and the deficit or surplus are stock measures.