List one specific policy that would shift the long-run Phillips curve to the right
More generous unemployment benefits or a higher minimum wage.
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You have noticed that your next-door neighbor, Mary, always works in the garden, and her husband, Joe, always walks the dog. You conclude that if Joe and Mary are efficient, then it must be the case that:
A. Joe has a comparative advantage in walking the dog. B. Joe experiences increasing opportunity costs when he gardens, but not when he walks the dog. C. Mary's opportunity cost of walking the dog is lower than Joe's. D. Mary has an absolute advantage in gardening.
The United States can use all of its resources to produce 50 computers or 4,000 shoes. Suppose that at world market prices, one computer exchanges for 100 shoes. Explain how the United States can gain from trade
What will be an ideal response?
A. increase the extraction cost of a resource. B. increase the user cost of extracting a resource. C. reduce the user cost of extracting a resource. D. have no impact on either the user cost or extraction cost of a resource
A. a firm will extract all of a resource in the present. B. a firm will extract resources at a faster rate than if the user cost was positive. C. a firm will extract resources at a faster rate than if the user cost was negative. D. the price of the resource will not change.
When a firm hires a worker for one hour, the marginal cost to that firm equals the:
A. hourly wage of that worker. B. diminishing marginal productivity of that worker. C. price of each item that the worker produces in that hour. D. average total cost of production at the quantity produced.