If the costs of the training necessary to perform a job decrease, labor ________ shifts to the ________.
A. demand; left
B. demand; right
C. supply; left
D. supply; right
Answer: D
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The U.S. is able to maintain a large trade deficit because:
A. when the business cycle is in a boom, it will be a trade surplus. B. it is balanced by a large capital surplus. C. it is balanced by a large capital deficit. D. None of these statements is true.
Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
If the Palace Cinema can sell 200 tickets at $4 and 300 tickets at $3, our best estimate of the marginal revenue from sale of the 250th ticket is
A) $4. B) $3.50. C) $3. D) $1.
An increase in national income could by caused by which of the following?
A) an increase in gross domestic product B) a decrease in personal income C) an increase in depreciation D) an increase in personal taxes