Refer to Table 1-2. What is Julius's marginal cost if he decides to stay open for three hours instead of two hours?
A) $0 B) $18 C) $54 D) $65
B
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A short-run equilibrium occurs
A) at the intersection of the short-run aggregate supply curve and the aggregate demand curve. B) at the real GDP associated with full employment. C) at the intersection of the short-run aggregate supply curve and the long-run aggregate supply curve. D) at the intersection of the long-run aggregate supply curve and the aggregate demand curve.
Explain what is meant by the term coordination failure and provide an example
What will be an ideal response?
Refer to the above graph. The ratchet effect would suggest that:
A. if AD1 moves to AD2, the new equilibrium would be at c. B. if AD2 moves to AD1, the new equilibrium would be at a. C. if AD1 moves to AD2, the new equilibrium would be at b. D. if AD2 moves to AD1, the new equilibrium would be at b.
The primary goal of supply-side economics is to
A. balance the federal budget. B. reduce the balance of payments deficit. C. reduce the money supply. D. reduce inflation and increase growth at the same time.