The study of how a particular firm might choose to maximize its profits would fall into what type of analysis?
A) macroeconomics
B) microeconomics
C) labor economics
D) aggregate economics
B
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When the marginal product of an additional worker is less than the marginal product of the previous worker, there are ________ returns to labor
A) increasing total B) decreasing total C) increasing marginal D) decreasing marginal E) constant average
Productivity levels in rich countries are:
a. higher than in poor countries b. lower than in poor countries c. about the same as in poor countries d. not related to those in poor countries
When demand is elastic, an increase in price will result in an increase in total revenue.
Answer the following statement true (T) or false (F)
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A