The business cycle is actually a continuous series of different __.
A. short-run macroeconomic equilibriums
B. potential GDP values
C. full-employment equilibriums
D. nominal GPD vales
Answer: A. short-run macroeconomic equilibriums
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The marginal product of labor is defined to be
a. the additional output attributable to the last unit of labor employed. b. the amount of output obtained, on average, from each unit of labor employed. c. the percentage increase in output caused by a 1% rise in labor usage. d. the amount of capital that the firm can use to replace one unit of labor.
Explain why insurance companies usually do not offer earthquake insurance
What will be an ideal response?
Describe the circumstances under which it would be better for the government to sell pollution permits than to levy a corrective tax
Identify each of the following as nominal or real variables
a. the physical output of goods and services b. the overall price level c. the dollar price of apples d. the price of apples relative to the price of oranges e. the unemployment rate f. the amount that shows up on your paycheck after taxes g. the amount of goods you can purchase with the wage you get each hour h. the taxes that you pay the government