Average product is at a maximum when the number of workers that are hired is
A) 1.
B) 2.
C) 3.
D) 4.
B
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Which of the following arguments support the proposition that society should accept at least some income inequality?
A) Income redistribution will require taxation, causing inefficiently low levels of labor supply and saving, thus decreasing the size of the economic pie. B) Administrative costs associated with income redistribution imply that low-income people receive less than $1 for each dollar taken from high-income people. C) Income redistribution programs divert skilled labor and capital to tax compliance activities and away from production of goods and services that people value. D) All of the above answers are correct because all support the proposition that society should accept some income inequality.
Fluctuations around the long-run aggregate supply curve are:
A. called the business cycle. B. experienced as expansions, recessions, and recoveries. C. normal for an economy. D. All of these are true.
The inflow of foreign investment into the U.S. economy reflects a high level of confidence in the United States.
Answer the following statement true (T) or false (F)
An increase in the price level:
A. decreases the purchasing power of money, leading to higher interest rates, which decreases investment. B. increases the purchasing power of money, leading to lower interest rates, which increases investment. C. decreases the purchasing power of money, leading to lower interest rates, which increases investment. D. increases the purchasing power of money, leading to higher interest rates, which decreases investment.