In Chapter 11, the production function variable A has been given several different names. Which of the following is NOT one of them?
A) autonomous growth factor
B) infrastructure
C) multifactor productivity
D) residual
B
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The public debt is the
a. amount of money the public in general has borrowed b. amount of money owed the U.S. government from loans made during World War II c. total amount of interest-bearing IOUs of the federal government held by individuals, businesses, other government agencies, and the Federal Reserve d. total amount of interest-bearing IOUs held by every sector of the society except government agencies e. total amount of interest-bearing IOUs held only by government agencies
Unions contribute to
a. frictional but not structural unemployment. b. structural but not frictional unemployment. c. both frictional and structural unemployment. d. neither frictional nor structural unemployment.
During recessionary periods
A. tax revenues fall proportionately faster than does national income. B. budgetary surpluses are generated. C. decreases in nominal income are accelerated as tax revenue decreases. D. higher tax revenues are generated by progressive income taxes. E. the Congress must lower taxes if full employment is to be achieved.
If average variable cost is $74 and total fixed cost is $100 at 5 units of output, then average total cost at this output level is:
A. $91 B. $94 C. $97 D. $100