Fiscal policy refers to:
A. the determination of the nation's money supply.
B. government policies aimed at changing the underlying structure or institutions of the economy.
C. decisions to determine the government's budget.
D. policy directed toward increasing exports and reducing imports.
Answer: C
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Use the above table. If the marginal revenue product is $30, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A) 1; $10 B) 2; $15 C) 3; $20 D) 4; $25
Refer to the above graph. Consider a monopolist in short-run equilibrium. This monopolist:
A. has a loss per unit equal to DE. B. will cease production since its economic profits are negative. C. earns economic profit equal to area ABED. D. has total fixed costs equal to area BEFC.
If the opportunity cost of corn to wheat is 3:1 in the United States and 5:1 in France, both countries would benefit from trade if the actual terms of trade between corn and wheat were 4:1.
Answer the following statement true (T) or false (F)
The argument that rising energy prices caused the decline in U.S. productivity in the 1970s is made less believable due to the
A. falling level of saving in the 1970s. B. falling level of energy prices in the 1980s. C. rising level of energy prices in the 1980s. D. rising level of energy prices in the 1990s.