The above figure shows the short-run production function for Albert's Pretzels. The marginal productivity of labor equals the average productivity of labor
A) for all levels of labor.
B) at none of the levels of labor.
C) only for the first worker.
D) only for the fifth worker.
C
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The burden of the public debt
a. cannot create inflation b. may create inflation if it is held by the Fed and financed by taxes c. may create inflation if it is held by foreigners d. may create inflation if it is held by the Fed and financed by the creation of deposits in the Treasury's account at the Fed e. may create inflation if it is held by state and local governments and financed by property or sales taxes
How do automatic stabilizers, on both the expenditure and revenue sides of the budget, respond during a recession?
What will be an ideal response?
Which of the following is an automatic stabilizer that moves the federal budget toward deficit during an economic contraction and toward surplus during an economic expansion?
A. Congress votes for a federal investment in infrastructure. B. corporate subsidies for green energy investments C. unemployment benefits D. a stimulus package that reduces personal income taxes
Figure 34-5
?
From the graph in Figure 34-5 (curves show output per unit of labor input), one can infer that
A. Japan has an absolute advantage in TVs and computers, but a comparative advantage only in TVs. B. Japan has only a comparative advantage in TVs. C. Japan has an absolute advantage in both TVs and computers, but a comparative advantage only in computers. D. China has a comparative advantage in computers.