As hourly wages have risen in the United States in the twentieth century, the number of hours of labor supplied by most wage workers has
A. fallen.
B. stayed roughly constant.
C. risen.
D. generally risen, but has fallen during periods of recession.
Answer: A
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A third party is a person, or persons, who
a. consumes goods produced from at least two intermediate inputs b. avoids the transactions of the two principal parties c. takes risks to avoid externalities d. internalizes the costs of market failure e. is imposed upon by the activity of others
Refer to the above graph. If the full-employment level of GDP for this economy is at H, the:
A. actual budget will produce a surplus. B. cyclically adjusted budget will produce a deficit. C. actual budget will produce a deficit. D. cyclically adjusted budget will produce a surplus.
?If a firm is producing at an output level where the total revenue curve intersects the total cost curve, which of the following is true of the firm?
a. ?Its profit is zero. b. ?Its cost is maximized. c. ?Its cost is minimized. d. ?Its revenue is maximized. e. ?Its profit is maximized.
Total variable costs ________ with decreasing output.
A. always decrease B. initially increase and then decrease C. always increase D. initially decrease and then increase