Who is the person or firm who is supposed to act on behalf of the principal as discussed in this chapter?
a. attorney
b. sales person
c. agent
d. teachers
c
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If there's unemployment in the economy, then government policy should
a. increase taxes and cut spending, which would shift AD to the left b. increase taxes and spending, which would shift AD to the left c. decrease taxes and spending, which would shift AD to the right d. decrease taxes and increase spending, which would shift AD to the right e. increase taxes and cut spending, which would shift AS to the left
Cyclical unemployment
a. recurs over and over among certain people in the economy b. is a matter of not seriously trying to find a job c. occurs because of downturns (recessions) in the business cycle d. occurs because of technological innovations in production e. only occurs with a zero inflation rate
A production function is a relationship between inputs and
a. quantity of output. b. revenue. c. costs. d. profit.
A competitive market for a product must be in equilibrium when:
a. Spending on the product is equal to the value of the quantity supplied b. There is no tendency for the price of the product to change c. The quantity of the product bought is less than the quantity of the product sold d. The number of consumers equals the number of producers