The locus of points representing the minimum unit cost of producing any given rate of output is the
A. short-run total cost curve.
B. long-run average cost curve.
C. short-run average total cost curve.
D. long-run marginal cost curve.
Answer: B
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After running a promotional campaign, the owners of a local shoe store decided to decrease the prices for the shoes sold in their store. One can imply that
a. The promotional expenditures made the demand for their shoes more elastic b. The promotional expenditures made the demand for their shoes more inelastic c. The promotional expenditures has no effect on the shoe demand elasticity d. The owners got it wrong. To cover the promotional expenses, they should have raised the prices.
Crowding out occurs when investment declines because
a. a budget deficit makes interest rates rise. b. a budget deficit makes interest rates fall. c. a budget surplus makes interest rates rise. d. a budget surplus makes interest rates fall.
Figure 32-3
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If budget deficits shift the money demand curve as is illustrated in Figure 32-3, which component of total expenditures will be affected the most?
A. Consumption spending B. Government spending C. Private investment spending D. Net exports
Starting salaries for female OB/GYNs are higher than those of male OB/GYNs. What is the best explanation for this?
a. Female OB/GYNs have more human capital than male OB/GYNs. b. Female OB/GYNs are smarter than male OB/GYNs. c. The demand for female OB/GYNs is greater than the demand for male OB/GYNs. d. The demand for female OB/GYNs is less than the demand for male OB/GYNs. e. More males are in OB/GYN residency programs than females.