An increase in ________ will cause the ________ to fall by a larger percentage if firms aren't holding excess labor.
A. output; inflation rate
B. inflation rate; GDP
C. output; unemployment rate
D. unemployment rate; GDP
Answer: C
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Marginal benefit curves slope ________ and marginal cost curves slope ________
A) upward; upward B) upward; downward C) downward; downward D) downward; upward
The figure above shows the marginal revenue, marginal cost, and demand curves for an airline offering daily flights between Los Angeles and Toronto. If the airline is regulated using a marginal cost pricing rule total surplus will be ________
A) $100,000 B) $60,000 C) $80,000 D) $20,000
Real GDP, as opposed to money (nominal) GDP, has been adjusted for changes in the general level of prices
a. True b. False Indicate whether the statement is true or false
An insurance policy is a contract that:
a. benefits the parties if they have the same degrees of risk aversion. b. benefits the parties if both of them are risk neutral. c. benefits the parties if they have different degrees of risk aversion. d. benefits the parties if either of them is risk neutral.