During World War I (1914–18), the government supported the cause of labor when it
(a) reduced the work day to eight hours in all government jobs.
(b) reduced the work day to eight hours in all private sector jobs.
(c) enforced the eight-hour work day in all government jobs.
(d) enforced the eight-hour work day in all private jobs.
(c)
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A profit-maximizing, price-taking firm should cease production whenever: a. the firm is making a loss
b. the firm is earning zero economic profit. c. the price is less than minimum average fixed cost. d. the price is less than minimum average variable cost.
In the classical model, investment spending is
a. positively related to the level of income b. positively related to the interest rate c. negatively related to the interest rate d. unrelated to the interest rate e. negatively related to the price level
The primary purpose of measuring the overall level of prices in the economy is to
a. allow for the measurement of GDP. b. allow consumers to know what kinds of prices to expect in the future. c. allow for the comparison of dollar figures from different points in time. d. allow for the comparison of dollar figures from the same point in time.
Leo is a welfare recipient who qualifies for two means-tested cash benefit programs. If he does not earn any income, he receives $225 from each program. For each dollar he earns (which his employer is required to report to the welfare agency), his benefit from each program is reduced by 75 cents until the benefit equals zero. When Leo's earnings are less than $300, each extra dollar he earns causes his total income (earnings plus benefits) to:
A. fall by 50 cents. B. fall by 25 cents. C. rise by 50 cents. D. rise by 75 cents.