The individual demand curve for an input such as labor to a firm would be the downward sloping portion of the firm's
A. marginal revenue curve.
B. total revenue curve.
C. marginal physical product curve.
D. marginal revenue product curve.
Answer: D
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All else equal, what is likely to happen to the unemployment rate during a recession?
a. It increases as real GDP increases. b. It decreases as real GDP remains the same. c. It increases as real GDP decreases. d. It decreases as cyclical unemployment decreases. e. It decreases as real GDP decreases.
The text discusses the projected increases in the claims on the economy by entitlement programs between the mid 1990s and 2035 . It argues that
a. the projected growth of Medicare claims far outstrips that of Social Security b. as a percentage of GDP, both Medicare costs and Social Security costs will fall c. age and health-care demands are related with the majority of claimants being the young d. the rate of growth of Social Security payments will be higher than the rates for either Medicare and Medicaid e. Social Security and Medicare costs will remain at about the same percent of GDP
The second-order condition for a firm maximizing its profits operating in a perfectly competitive market is:
A. ? (dMC/dQ) < 0. B. (d2?/dQ2) < 0. C. ? (d2C(Q)/dQ2) < 0. D. All of the statements associated with this question are correct.
Which one of the following is an example of a normative statement?
A) A smart phone costs more than a laptop computer. B) Most smart phones sold in the United States are imported from other countries. C) Every student in college should have a smart phone. D) More people will buy smart phones as their prices decline.