Marginal cost is calculated for a particular increase in output by
A) dividing the change in total cost by the change in output.
B) dividing the total cost by the change in output.
C) multiplying the total cost by the change in output.
D) multiplying the change in total cost by the change in output.
A
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Real business cycle theory explains variations in prices, employment, and real Gross Domestic Product (GDP) by focusing on
A) changes in real variables such as supply shocks, technological changes, and shifts in the composition of the labor force. B) anticipated changes in fiscal policy enacted by the government. C) the effects of the Phillips curve. D) anticipated monetary policies enacted by the Fed.
In a perfectly competitive labor market, the least-cost combination rule for resource use
A) requires that resources be used in combinations such that marginal products are equal. B) requires that the marginal physical product per dollar spent for each resource is equalized. C) assures the firm an economic profit. D) assures the firm a normal profit.
Which of the following is considered a consumer nondurable?
A. An automobile B. Medical care C. Furniture D. Gasoline and oil
At any given price level, equilibrium GDP on the expenditure side occurs when ____.
A. Y = C + I + G ? (X ? IM) B. Y = C + I – G C. Y = C + I + G + (X ? IM) D. Y = C + X + G + (X ? IM)