If the demand for oranges is written as Q = 100 - 5p, then the inverse demand function is
A) Q = 5p - 100.
B) Q = 20 - .2p.
C) p = 20 - 5Q.
D) p = 20 - .2Q.
D
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Most economists have argued that the persistence of high unemployment despite New Deal policies:
a. constitutes a complete repudiation of New Deal policies. b. was the result of "sticky" wages. c. was in part the result of pressures from government to maintain wages. d. Both b and c are correct.
Along the horizontal axis of the production function we typically measure
a. revenue. b. the marginal product of the input. c. the quantity of input. d. the quantity of output.
Shadow prices:
A. are paid in terms of opportunity costs. B. are set by the government. C. exist only in black markets. D. are illegal.
The Okun's law shows the relationship between
A) inflation and unemployment rate. B) output growth and unemployment. C) inflation and output growth. D) output growth and money supply.