According to supply-side economists, what impact do mandatory benefits have?
A. They increase payroll costs and shift AS to the left.
B. They reduce payroll costs and shift AS to the right.
C. They increase payroll costs and shift AS to the right.
D. They reduce payroll costs and shift AS to the left.
Answer: A
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When prices rise:
A) money supply tends to rise. B) menu costs tend to fall. C) consumers' purchasing power falls. D) money demand tends to fall.
When economists use the term "correlation," they are referring to
A) normative economics. B) positive economics. C) cause and effect relationships between variables. D) economic policy. E) how two variables move together in a predictable way.
Arnold Kim began blogging about Apple products during his fourth year of medical school. Kim's Website, MacRumors
com, became so successful that he decided to give up his medical career and work full time on his Website, despite the nearly $200,000 he had invested in his education. In making his decision, the $200,000 he spent on his education A) should be considered since it is money he could have used to invest in his Website. B) should be ignored only if Kim can earn more than $200,000 by running his Website. C) should be considered since it is money he has spent and needs to recoup. D) should be ignored since it represents a sunk cost.
Total profit equals
A. TR ? TC. B. average profit times total output. C. total sales revenue minus total cost. D. All of the responses are correct.