Refer to the above graph for a private closed economy. The multiplier for the above economy is:
A. 2
B. 3
C. 4
D. 5
B. 3
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Without any change in the supply of labor, how are the following events likely to change the equilibrium wage and employment level in a firm that manufactures umbrellas?
a) A forecast of higher rainfall this year b) A decrease in the price of raincoats c) The introduction of labor-saving technology in the factory
For a profit-maximizing monopolist
A) P > MC. B) P = MC. C) P = MR. D) P = ATC.
One concept that behavioral economists use to account for procrastination is:
A. the time inconsistency of our decision-making. B. the fungibility of money. C. thinking inconsistently about prices. D. framing bias.
One of the major issues in the Uruguay round of GATT was
A. the placement of the WTO offices in Uruguay. B. the use of trade as a diplomatic weapon. C. the question of the Euro's convertibility. D. domestic content provisions for movies and television.