If your income rises by 25 percent and, as a result, you buy fewer packages of Ramen Noodles, then Ramen Noodles are a(n)
A) substitute.
B) normal good.
C) complement.
D) inferior good.
D
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A single-price monopoly has marginal revenue and marginal cost equal to $19 at 15 units of output where the price on the demand curve is $38. At this output, average total cost is $15. What is the total profit earned?
A) $225 B) $285 C) $345 D) $570 E) $19
In the above figure, which movement illustrates the impact of a falling price level and a constant money wage rate?
A) E to I B) E to F C) E to J D) E to H
A key feature of the new growth theory is the assumption of
A) diminishing returns to labor. B) diminishing returns to knowledge. C) no diminishing returns to knowledge. D) no diminishing returns to labor.
Which of the following is likely to cause a decrease in the natural rate of unemployment?
A) an increase in the percentage of the working-age population receiving disability insurance B) a decrease in the use of temporary workers C) a growing percentage of young workers in the labor force D) generous unemployment insurance benefits