Keynes advocated the use of taxation and government spending to influence the level of GDP in the short run
Indicate whether the statement is true or false
TRUE
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When a 13-year-old girl consents to babysit John's children for $5 per hour, economists assume
A) the girl was made worse off while John was made better off. B) the girl was made better off while John was made worse off. C) both parties were made worse off. D) both parties were made better off.
Suppose that the demand for a monopolist's product is estimated to be Qd = 100 ? 2P and its total costs are C(Q) = 10Q. Under first-degree price discrimination, the optimal price(s), number of total units exchanged, profit, and consumer surplus are:
A. P = $30; Q = 40, ? = $800; CS = $400. B. 10 ? P ? 50; Q = 80, ? = $1,600; CS = $0. C. P = $30; Q = 40, ? = $600; CS = $0. D. 10 ? P ? 100; Q = 80; ? = $1,600; CS = $1,600.
The level of pollution at which the marginal benefits equal the marginal cost of cleaning up is always
A) the zero pollution level. B) the optimal quantity of pollution. C) the pollution maximum. D) the pollution minimum.
Refer to the data. Diminishing returns begin to occur with the hiring of the _________ unit of labor
A. first
B. second
C. third
D. seventh