The idea that creating incentives for individuals and firms to increase productivity leading to an increase in long-run aggregate supply is
A) the Ricardian equivalence theorem. B) demand-side economics.
C) supply-side economics. D) consistent with crowding out.
C
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When firms price their products by adding a percentage markup to their average costs of production, this is called
A) cost-plus pricing. B) rounding up. C) break-even pricing. D) average cost pricing.
Oscar consumes only two goods, X and Y. Assume that Oscar is not at a corner solution, but he is maximizing utility. Which of the following is NOT necessarily true?
A) MRSxy = Px/Py. B) MUx/MUy = Px/Py. C) Px/Py = money income. D) Px/Py = slope of the indifference curve at the optimal choice. E) MUx/Px = MUy/Py.
Price elasticity of demand refers to the ratio of the:
a. percentage change in price of a good in response to a percentage change in quantity demanded. b. percentage change in price of a good to a percentage increase in income. c. percentage change in the quantity demanded of a good to a percentage change in its price. d. none of these.
When wages are viewed as benefits instead of costs of a project, it is an example of the
A. labor game. B. chain-reaction game. C. double-counting game. D. dating game.