A household is hurt on the ________ side when its net profits or wages fall, and it is hurt on the ________ side when the prices of goods and services increase.
A. uses; sources
B. flow; stock
C. input; output
D. sources; uses
Answer: D
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Looking at the supply-side effects on aggregate supply shows that a tax hike on labor income
A) decreases potential GDP. B) weakens the incentive to work. C) increases potential GDP because people work more to pay the higher taxes. D) Both answers A and B are correct. E) None of the above is correct.
Refer to Figure 11-10. Suppose for the past 8 years the firm has been producing Qd units per period using plant size ATC4. Now, following a permanent change in demand, it plans to cut production to Qc units
What will happen to its average cost of production? A) In the short run, its average cost rises from $47 to $55, and in the long run, average cost falls to $41. B) In the short run, its average cost rises from $47 to $55, and in the long run, average cost falls to $37. C) In the short run, its average cost falls from $47 to $37, and in the long run, average cost rises to $41. D) In the short run, its average cost falls from $47 to $41, and in the long run, average cost falls even further to $37.
"There should be less discrimination against women" is an example of a positive statement
a. True b. False
A production possibilities frontier will be bowed outward if some of the economy's resources are better suited to producing one good than another
a. True b. False Indicate whether the statement is true or false