In a(n) ________ industry, firms are small relative to the total market.
A. monopolistically competitive
B. oligopolistic
C. monopolistic
D. Both B and C are correct.
Answer: A
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If the utilization rates of capital and labor are procyclical, then
A) output will rise in recessions and decline in expansions. B) measured productivity will be constant. C) the Solow residual will be procyclical. D) prices will be countercyclical.
The following is a Cobb-Douglas production function: Q = 1.75K0.5•L0.5 . What is correct here?
a. A one-percent change in L will cause Q to change by one percent b. A one-percent change in K will cause Q to change by two percent c. This production function displays increasing returns to scale d. This production function displays constant returns to scale e. This production function displays decreasing returns to scale
Assume that a low-wage contract is in force in the society, and the central bank follows a low-money-growth policy. Which of the following will be observed?
a. The actual inflation rate will match the low rate that people had expected. b. The actual inflation rate will be higher than the natural rate. c. The actual inflation rate will be higher than the low rate that people had expected. d. The actual inflation rate will be lower than the high rate that people had expected. e. The unemployment rate will be lower than the natural rate.
The Earned Income Tax Credit (EITC) is a tax provision that allows poor working families to receive income tax refunds greater than the taxes they paid during the year. Therefore, the EITC works much like a