Business cycles are
a) seasonal changes in output
b) quarterly profit and loss fluctuations around a company’s fiscal-year average
c) long run trends upward or downward in employment
d) medium-term fluctuations of aggregate output around its long term trend
e) gyrations of share prices on the stock market
d) medium-term fluctuations of aggregate output around its long term trend
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If the marginal cost for Dinky's Donuts to advertise one additional day each week in the local newspaper is $200, then Dinky's Donuts should advertize that additional day
A) until the marginal benefit the company receives reaches zero. B) as long as the marginal benefit the company receives each week is just equal to or greater than $200. C) as long as the weekly marginal cost does not rise. D) only if the marginal benefit the company receives each week is greater than $200 plus an acceptable profit margin.
Government issued privileges that allow the holder to discharge a specified amount of pollution into the air are known as ______.
a. transaction cost permits b. environmental protection agreements c. transferable pollution rights d. corrective pollution taxes
The total labor force is 100,000 out of a possible working age population of 160,000. The total number of unemployed is 8,000. What is the unemployment rate?
A. 7 percent B. 6 percent C. 5 percent D. 8 percent
The Laffer curve reflects the view that when
A. tax rates are too low, raising them creates a greater incentive for suppliers to increase production. B. tax rates are too high, lowering them not only creates greater incentive for suppliers to increase production, but also ends up generating higher tax revenues. C. tax revenue is too low, the only way to increase it is through higher tax rates. D. tax rates are too high, lowering them also reduces tax revenue.