Which of the following will cause a shift in the demand curve of labor?
A) an increase or decrease in the productivity of labor
B) an increase or decrease in the demand for the product labor produces
C) a decline in the price of a complementary input
D) all of the above
Answer: D
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The three business cycle models differ mostly in their treatment of ________
A) aggregate demand B) short-run aggregate supply C) long-run aggregate supply D) productivity shocks
In an oligopoly, when the quantity effect outweighs the price effect:
A. keeping output constant and raising price will increase the firm's profits. B. an increase in output may increase the firm's profits. C. a decrease in output may increase the firm's profits. D. keeping output constant and lowering price will increase the firm's profits.
If the variable costs of a profit-maximizing pure monopolist decline, the firm should:
A. produce more output and charge a higher price. B. produce more output and charge a lower price. C. reduce both output and price. D. raise both output and price.
During which years did the country have a balanced budget?
A) 2008 and 2009 B) 2012 only C) 2011 only D) 2010 and 2012 E) all except 2011