If the long-run supply curve slopes upward, we know that this is
A) a decreasing-cost industry.
B) a constant-cost industry.
C) an increasing-cost industry.
D) a situation in which no input prices change as firms enter and exit the industry.
Answer: C
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In the classical model, what occurs if a wage of $20/hour results in unemployed workers?
A) The wage rate will drop, more workers will be hired, and the unemployment rate falls. B) Producers will quickly create more jobs and hire the unemployed workers, so unemployment is short-lived. C) The workers will go on strike to demand that more jobs be created. D) The government will step in and order firms to hire more workers.
Refer to the scenario above. Elly should use ________ to make her decision
A) mixed strategies B) backward induction C) forward induction D) her dominated strategy
Positive economics deals with
a. theories about improving people's self-esteem b. practical ways of improving people's self-esteem by making money c. opinions that affirm economists' theories d. statements about the way things ought to be e. statements of fact
The money rate of interest is the
a. real rate of interest minus the inflationary premium. b. real rate of interest plus the inflationary premium. c. real rate of interest divided by the inflationary premium. d. inflationary premium minus the real interest rate.