Refer to the accompanying table below. The average benefit of 2 units of activity is:Units of ActivityTotal CostTotal Benefit0$0$01$30$1002$40$1603$60$1904$100$2105$150$2206$210$225
A. $40
B. $60
C. $20
D. $80
Answer: D
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"Other things remaining the same, if the price of a good rises, the quantity supplied of that good increases." This sentence describes a
A) shift of a supply curve. B) shift of the price curve. C) movement along a supply curve. D) movement along the price curve. E) movement along the quantity curve.
Suppose the United States spends more on foreign goods and services than foreigners spend on our goods and services and the United States sells no foreign assets. Then the
A) United States must borrow an amount equal to national saving. B) United States must borrow an amount equal to imports minus exports. C) rest of the world may or may not finance the U.S. trade deficit. D) United States must borrow an amount equal to consumption expenditure plus investment.
Labor productivity in the United States has: a. been growing at ever-increasing rates since World War II
b. been growing but at lower rates in the last 25 years compared to the 25 years immediately after World War II. c. been falling for the last 50 years. d. remained largely unchanged over the last 50 years. e. been growing more rapidly in the last 50 years than in most other developed economies.
Because the prices of final goods and services tend to increase more quickly than the prices of inputs, the short run aggregate supply curve is:
A. upward sloping. B. downward sloping. C. perfectly elastic. D. perfectly inelastic.