Exhibit 6-15 Long-run average cost
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In Exhibit 6-15, economies of scale exist up to:
A. 500 units of output per week.
B. 1,000 units of output per week.
C. 1,500 units of output.
D. 2,000 units of output.
Answer: B
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Suppose the natural unemployment rate is 4 percent and the expected inflation rate is 6 percent. In the figure below, illustrate the long-run Phillips curve
What does the long-run Phillips curve reveal abut the long-run tradeoff between inflation and unemployment?
The distribution of income in the United States became more unequal in the 1990s. One explanation for this trend is that advances in information technologies have ________ low-skilled labor and ________ high-skilled labor
A) decreased the demand for; increased the demand for B) increased the demand for; decreased the demand for C) decreased the supply of; increased the supply of D) increased the supply of; decreased the supply of
According to the text, over 40 percent of member nations of the International Monetary Fund have
A) a fixed exchange rate. B) no separate legal currency. C) an independently floating exchange rate. D) a managed floating exchange rate.
Which of the following is not an example of a differing taste for work?
a. Some people prefer physical labor and hate office work b. Some people become airline pilots while others are afraid to fly c. Winter temperatures are below zero on crab boats off Alaska d. Teenagers prefer jobs at Starbucks and Gap to those at fast-food restaurants e. Many people prefer the creative process even though earnings are low