Airlines often separate their customers into business travelers and personal travelers by giving a discount to those travelers who stay over a Saturday night
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following characteristics of competitive markets is necessary for firms to be price takers? (i) There are many sellers. (ii) Firms can freely enter or exit the market. (iii) Goods offered for sale are largely the same
a. (i) and (ii) only b. (i) and (iii) only c. (ii) only d. (i), (ii), and (iii)
As firms raise output in response to rising aggregate demand,
a) resources become scarce, wages eventually rise, and a point is reached beyond which output cannot expand b) they become increasingly efficient and are thus able to pass the cost savings on to consumers in the form of lower prices c) real wages fall, interest rates rise, and consumers buy less d) they hire fewer workers and substitute capital for labor e) the level of nominal GDP falls, though real GDP rises
The explanation for why marginal cost is positive and rising in the short run is ________ marginal product of labor in the production process.
A. an increasing B. a zero C. a constant D. a diminishing
If the government uses fiscal policy to close a recessionary gap, government
A) expenditure must be increased by more than the gap because of the government expenditure multiplier. B) taxes must be cut by more than the gap because of the tax multiplier. C) expenditure can be increased by less than the gap because of the government expenditure multiplier. D) taxes can be raised by less than the gap because of the tax multiplier. E) taxes must be raised by more than the gap because of the tax multiplier.