Which of the followings is NOT true about the word "autonomous" that economists use?
A) Changes in autonomous components are associated with movements along a curve.
B) Changes in autonomous components are associated with shifts of a curve.
C) The autonomous component of a variable is exogenous.
D) The autonomous component of a variable is independent of other variables in the model.
A
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According to aggregate demand and supply analysis, America's involvement in the Vietnam War had the effect of
A) increasing aggregate output, lowering unemployment, and raising the inflation. B) decreasing aggregate output, lowering unemployment, and lowering the inflation. C) increasing aggregate output, raising unemployment, and raising the inflation. D) decreasing aggregate output, raising unemployment, and lowering the inflation.
The marginal factor cost for a monopsonist is:
a. equal to the market wage rate. b. above the market wage rate. c. below the market wage rate. d. affected by the fact that workers are less willing to work than under conditions of perfect competition. e. lower than the marginal revenue product of labor in equilibrium.
The basic principles of economics suggest that
a. markets are seldom, if ever, a good way to organize economic activity. b. government should become involved in markets when trade between countries is involved. c. government should become involved in markets when those markets fail to produce efficient or fair outcomes. d. All of the above are correct.
When the marginal product of labor is declining, marginal costs are ______.
a. rising b. falling c. zero d. steady