The typical American family spends about ____ percent of its budget on goods and the remainder on services.
A. 22
B. 32
C. 66
D. 80
Answer: B
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John increases his consumption of Good X and Good Y when his income increases. For John
A) Good X and Good Y are substitute goods. B) Good X and Good Y are complement goods. C) Good X is an inferior good. D) Good X and Y are normal goods
Expansionary fiscal policy can be used to reduce unemployment by
A) increasing long-run aggregate supply so as to raise real GDP. B) increasing aggregate demand so as to raise real GDP. C) reducing nominal wages so as to encourage firms to hire more workers. D) eliminating inefficiencies from labor markets.
There is a
a. short-run tradeoff between inflation and unemployment. b. short-run tradeoff between an increase in the money supply and inflation. c. long-run tradeoff between inflation and unemployment. d. long-run tradeoff between an increase in the money supply and inflation.
The accompanying figure shows the demand curve, marginal revenue curve, marginal cost curve and average total cost curve for a monopolist.
At the socially optimal level of output, this monopolist would:
A. incur an economic loss of $64. B. incur an economic loss of $112. C. earn an economic profit of $16. D. incur an economic loss of $16.