The labor supply curve is fundamentally a representation of the trade-off people face between which of the following?
a. inflation and unemployment
b. prosperity and wages
c. time and leisure
d. labor and leisure
d
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If a firm's rent increases, it will affect its cost structure in which of the following ways?
A) AVC will increase. B) MC will increase. C) TFC will increase. D) All of the above will increase.
Objective probabilities are based on ________ and ________ frequencies.
A) educated guesses; popular B) educated guesses; relative C) data; popular D) data; relative
A congressman states, "If a government attempts to increase employment through increased government spending, all we will end up with is a higher price level." This congressman assumes that the
A) aggregate demand curve is a horizontal line. B) aggregate demand curve is a vertical line. C) aggregate supply curve is a horizontal line. D) aggregate supply curve is a vertical line.
If the amount of money in circulation is $50 billion and the nominal GDP is $200 billion, the velocity of money is
a. 0.25 b. 0.75. c. 2. d. 4.