Using the table above, the number of people in the labor force is
A) 165 million. B) 175 million. C) 195 million. D) 185 million. E) 145 million.
B
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Producing where marginal revenue equals marginal cost is equivalent to producing where
A) total revenue is equal to total cost. B) total profit is maximized. C) average fixed cost is minimized. D) average total cost equals average revenue.
A straight line tangent to a curved line at a point
a. crosses the curved line at that point b. crosses the curved line at many points c. has the same slope as the curved line at that point d. is steeper than the curve at all other points e. has a smaller slope than all other points on the curve
Suppose the required reserve ratio is 10 percent, but banks choose to hold an additional 15 percent of demand deposits as excess reserves. Under these conditions, the demand deposit multiplier will be
a. 0 b. 4 c. 5 d. 6.67 e. 10
The misery index diminished during the first Reagan administration, which means that the Phillips curve
A. Shifted to the right, thereby implying that stagflation had become a more acute problem than before. B. Shifted to the left, thereby implying an easing of the trade-off between inflation and unemployment. C. Maintained its position despite important changes in the composition of the labor force. D. Flattened out, thereby implying that some amount of inflation is consistent with any rate of unemployment.