The national debt is unlikely to cause national bankruptcy because the:
a. national debt can be refinanced by issuing new bonds.
b. interest on the public debt equals GDP.
c. national debt cannot be shifted to future generations for repayment.
d. federal government cannot refinance the outstanding national debt.
a
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In the long run,
a. output, once determined, cannot be changed b. price, once determined, cannot be changed c. land and capital cannot be changed d. all inputs are variable, that is, the quantities of all inputs can be changed e. labor can be changed, but all other inputs are fixed
Total cost divided by quantity of output is
a. average variable cost b. average total cost c. average fixed cost d. marginal cost e. total variable cost
Suppose a monopsonist currently employs 100 workers at a wage rate of $400 per week. If the firm wants to expand employment to 110 workers, and the 110th worker will only work for $450 per week, what is the marginal labor cost of the 110th worker?
a. $450 per week b. $5,500 per week c. $950 per week d. $9,500 per week e. $49,500 per week
Refer to the above figure. At a price of $6, excess quantity supplied equals
A. 15. B. 12. C. 0. D. infinity.