Refer to the information provided in Figure 13.6 below to answer the question that follows.
Figure 13.6 Refer to Figure 13.6. The profit-maximizing level of output for the Memory Company is ________ high school yearbooks.
A. 0
B. 200
C. 300
D. 350
Answer: B
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Economic theory and experience since 1973 indicate that, under floating exchange rates, a country's fiscal and monetary policies in the short-run and the long-run can
A) have both domestic and foreign economic impact. B) have domestic or foreign economic impact, but not both. C) have domestic but not foreign economic impact. D) have foreign but not domestic economic impact. E) have neither domestic nor foreign economic impact.
Classical economists suggest that unemployment is a short-lived phenomenon because
A) wages adjust quickly to equilibrate quantity of labor demanded with quantity of labor supplied. B) wages remain unchanged when the quantity of labor demanded exceeds the quantity of labor supplied. C) wages remain unchanged when the quantity of labor supplied exceeds the quantity of labor demanded. D) wages tend to rise slowly when the quantity of labor demanded equals the quantity of labor supplied.
Refer to the above table. At a wage rate of $23 per worker, the firm will choose to employ:
A. 2 workers
B. 3 workers
C. 4 workers
D. 5 workers