Recall the Application about the best speed at which to sail an ocean cargo ship to answer the following question(s).Weighing the benefits and costs of the different speeds at which to sail an ocean cargo ship addresses the economic concept known as:
A. the principle of opportunity cost.
B. the marginal principle.
C. the principle of voluntary exchange.
D. the principle of diminishing returns.
Answer: B
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In the figure above, the shift from the short-run Phillips curve SRPC0 and the long-run Phillips curve LRPC0 to the short-run Phillips curve SRPC2 and the long-run Phillips curve LRPC2 is the result of ________ in the expected inflation rate and
________ in the natural unemployment rate. A) a decrease; a decrease B) an increase; an increase C) no change; a decrease D) an increase; no change E) a decrease; an increase
Fabulous Farms operates in a perfectly competitive market. Which of the following is required for Fabulous Farms to both maximize profits and achieve allocative efficiency?
A. P = MC B. P > MC C. P < MC D. P = MC – MR
State personal income taxes are
A. payroll taxes. B. excise taxes. C. direct taxes. D. indirect taxes.
In the United States, the Federal Reserve is asked to:
A. deliver price stability as one of a number of objectives. B. meet a specific target for unemployment each year. C. deliver on a specific inflation target set by Congress. D. meet an explicit target for economic growth.