One reason for the short-run aggregate supply curve (SRAS) is:
A. a fixed CPI market basket.
B. perfect knowledge of workers.
C. fixed-wage contracts.
D. the upward-sloping production function.
Answer: C
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People sometimes act differently in different settings. An economist is likely to explain this by saying
A) the benefits and costs of certain behaviors can be different in different settings. B) people are hard to figure out. C) people behave as others behave. D) it is hard to figure out what makes people tick. E) none of the above
Most of the states, including those that did not expand Medicaid, have eligibility thresholds that exceed the level set for household incomes set by the ACA (138 percent of the federal poverty level). This is true for all of the following groups except one. Which one?
a. Working-aged adults without dependents b. Pregnant women c. Children (under age 19) living in those households d. Disabled regardless of marital status
If tax revenues are used to help people, then how does a tax create a deadweight loss?
What will be an ideal response?
Suppose we know that a monopolist is maximizing its profits. Which of the following is a correct inference? The monopolist has
A. maximized its total revenue. B. maximized the difference between marginal revenue and marginal cost. C. set price equal to its average cost. D. equated marginal revenue and marginal cost.