Refer to Scenario 1-2. Using marginal analysis terminology, another economic term for the incremental revenue received from the sale of the last 300 hats is
A) gross earnings. B) sales revenue. C) gross profit. D) marginal revenue.
D
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During a recession,
A) real GDP is less than potential GDP. B) real GDP is equal to potential GDP. C) the actual unemployment rate is less than the natural unemployment rate. D) real GDP is greater than potential GDP. E) the relationship between real GDP and potential GDP no longer exists.
Suppose that the number of jobs for engineers expands by 10 percent per year, the number of new engineers by 5 percent per year while the number of automobile mechanics grows by 8 percent and the number of new automobile mechanics jobs grows by 3
percent. We conclude that A) frictional unemployment will increase. B) frictional unemployment will decrease. C) structural unemployment will increase. D) structural unemployment will increase 4 times.
A microeconomist would study all of the following issues EXCEPT
A) the impact of a change in consumer income on the sales of corn. B) the impact of a snowstorm on the sales of snow shovels. C) the most efficient means for General Motors to produce an automobile. D) the effect of a change in income taxes on the nation's rate of unemployment.
One of the three reasons as to why the oversimplified multiplier formula overstates the multiplier is that it ignores price-level changes, which reduce the multiplier.
Answer the following statement true (T) or false (F)