According to the superstar phenomenon, the most talented person in which of the following occupations is most likely to earn extremely high wages?
a. an electrician
b. a hair stylist
c. a journalist
d. an engineer
c
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
If a multi-plant firm with market power is maximizing its profits, the price it charges per unit of its product will ________ its ________.
A) equal; overall average cost B) equal; overall marginal cost C) exceed; demand D) exceed; overall marginal cost
When profits and costs occur in the future, the ________ the profit occurs and the ________ the cost occurs, the ________ likely the net present value will be ________.
A) later; sooner; more; positive B) sooner; later; more; positive C) sooner; later; less; positive D) sooner; later; more; negative
The price index was 150 in the first year, 142.5 in the second year, and 138.2 in the third year. The economy experienced
a. 5.0 percent deflation between the first and second years, and 3.0 percent deflation between the second and third years. b. 7.5 percent deflation between the first and second years, and 4.3 percent deflation between the second and third years. c. 5.3 percent inflation between the first and second years, and 4.1 percent inflation between the second and third years. d. 7.5 percent inflation between the first and second years, and 4.3 percent inflation between the second and third years.