Increases in __________ have been responsible for most of the economic growth in the U.S. over the last 50 years
a. imports.
b. productivity.
c. average hours.
d. the employment-to-population ratio.
e. tax revenues.
B
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Which of the following is an example of moral hazard?
A) I hire you to work in my garden for a fixed fee, and you work hard all day. B) I hire you to work at an hourly rate and you work as slowly as possible. C) You apply for the job only because I pay a fixed wage per day, no matter how much or little you do. D) You agree to be paid by the weed to work in my garden, and then don't work hard.
Which of the following are options available to government when dealing with monopolies?
a. b, c, and e b. nationalization c. marginal cost pricing regulation d. marginal revenue pricing regulation e. breaking up the firm
The difference between new classical theory and new Keynesian theory is that
A) in new classical theory wages are assumed to be flexible, and in new Keynesian theory wages are assumed to be somewhat inflexible. B) in new classical theory wages are assumed to be somewhat inflexible, and in new Keynesian theory wages are assumed to be flexible. C) adaptive expectations is the dominant expectations theory in new classical theory, and rational expectations is the dominant expectations theory in new Keynesian theory. D) in new Keynesian theory the short-run aggregate supply curve is vertical, and in new classical theory the short-run aggregate supply curve is upward sloping.
In the short run when the marginal product of labor ________, the marginal cost of an additional unit of output _________.
A) rises; rises B) falls; falls C) rises; falls D) falls; doesn’t change