The information technology revolution seems to have had its greatest positive effect on labor productivity growth in the ____ period.
A. 1948–1973
B. 1973–1995
C. 1995–2005
D. 1948–2005
Answer: C
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When price is greater than average variable cost but less than average total cost at the profit-maximizing level of output, a firm should:
A) continue to produce the level of output at which marginal revenue equals marginal cost. B) increase output to minimize its losses. C) reduce output to the level at which price equals average variable cost to minimize its losses. D) shutdown to minimize its losses.
If a cartel seeks to maximize profits, the market share (or quota) for each firm should be set at a level such that the ____ of all firms is identical
a. average total cost b. average profit c. marginal profit d. marginal cost e. marginal revenue
Another name for the expected value of an investment would be the:
A. mean value. B. risk-free value. C. certain value. D. upper-end value.
The government increases taxes. As a result, in the short run, real GDP ________ and the price level ________
A) increases; rises B) decreases; falls C) decreases; rises D) increases; falls