If the government wants to increase employment, government purchases should be ________ and/or taxes should be ________.
A. decreased; increased
B. decreased; decreased
C. increased; increased
D. increased; decreased
Answer: D
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At any given point on the curve, the slope of the total product curve always equals
A) the ratio of the marginal product and the average product. B) the change in input divided by the change in output. C) the average product of the input. D) the marginal product of the input.
If people have more time to adjust to a price change, the price elasticity of demand for that good is likely to
a. increase b. decrease c. fall to zero d. become equal to -1 e. remain unchanged
Rent control is usually justified on the grounds that it protects moderate- to low-income families from the burden of rapidly rising rents and from eviction if they are unable to pay. It also prevents landlords from reaping windfalls as property values rise. Opponents note that rent controls usually lead to a reduced supply of rental housing and shortages. The proponents of rent controls support
them primarily on the grounds of a. efficiency. b. equality. c. externalities. d. cost disease of services.
Refer to the graph below. Which of the following movements would indicate a reduction in unemployment?
A. From point C to point D
B. From point F to point H
C. From point E to point D
D. From point D to point G