Pell grants are money given to students attending college. Pell grants are most closely similar to
A) public provision of a good.
B) private subsidies given to producers of a good.
C) vouchers given to consumers of a good.
D) property rights assigned to consumers of a good.
E) a subsidy given to the producer of a good.
C
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Use the following graph to answer the next question.
If AD1 shifts to AD2, then the equilibrium output increases from ________.
A. Q1 to Q2 while the price level rises from P1 to P2 B. Q1 to Q2 while the price level falls from P2 to P1 C. Q1 to Q3 while the price level rises from P1 to P2 D. Q1 to Q3 while the price level falls from P2 to P1
The additional revenue associated with hiring one additional unit of some factor input, such as labor, is called
A) marginal cost. B) marginal revenue product. C) marginal factor cost. D) marginal physical product.
Both theory and history point to a close relationship between increases in
a. labor demand and increases in labor supply. b. labor demand and decreases in real wages. c. the productivity of labor and increases in real wages. d. interest rates and decreases in real wages.
A measure defined at a point in time is called a(n) ________ variable.
A. flow B. nominal C. aggregate D. stock