In the short run, with predetermined prices, when output is greater than planned aggregate expenditure, firms will:
A. increase planned aggregate expenditure.
B. increase production.
C. decrease planned aggregate expenditure.
D. reduce production.
Answer: D
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The dates of the "official" peaks and troughs of business cycles in the United States are determined by the:
A. Congressional Budget Office. B. Federal Reserve Board. C. Council of Economic Advisers. D. National Bureau of Economic Research
Many autoworkers are unionized. Which of the following methods can help them achieve higher wages? I. Training that increases union members' marginal product II. A publicity campaign promoting purchase of union-made automobile
A) I only B) II only C) I and II D) Neither I nor II
The binary variable interaction regression
A) can only be applied when there are two binary variables, but not three or more. B) is the same as testing for differences in means. C) cannot be used with logarithmic regression functions because ln(0) is not defined. D) allows the effect of changing one of the binary independent variables to depend on the value of the other binary variable.
Quantity TC MC 10 10,000 X 20 25,000 The table above shows a firm's total cost and marginal cost for a range of output. What is X equal to?
a. 1500 b. 1000 c. 35,000 d. 1750 e. 15,000