Refer to the diagram. Which one of the following might shift the marginal cost curve from MC 1 to MC 2?
A. Major new studies strongly linking cancer to pollution.
B. Improved technology for reducing pollution.
C. A change in consumer tastes from services to manufactured goods.
D. An increase in the price of recycled goods.
B. Improved technology for reducing pollution.
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At the point at which planned real consumption spending is equal to real disposable income
A) the consumption function is above the 45-degree line. B) the consumption function intersects the savings function. C) the consumption function intersects the 45-degree line. D) the consumption function is below the 45-degree line.
In 2008, Japan's economy suffered as world economies slowed. If authorities in Japan followed the monetarist viewpoint, ________ to bring the economy back to full employment
A) taxes would be decreased and the money supply should be increased B) nothing should be done C) aggregate supply would shift leftward D) the money supply would be kept growing at a steady pace
Distinguish between a positive statement and a normative statement and provide examples
What will be an ideal response?
If we assume competitive labor markets, the supply curve of labor when the firm is a monopoly is
A) upward sloping. B) vertical. C) horizontal. D) downward sloping.