Long-run aggregate supply will decrease for...
What will be an ideal response?
-reduction in the level of technology
-decreased human capital
-decreased capital
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In order of their occurrence, the phases of the business cycle are:
A. peak, downturn, trough, upturn. B. peak, upturn, downturn, trough. C. peak, downturn, upturn, trough. D. peak, upturn, trough, downturn.
Which statement is false?
A. The minimum wage has NOT kept up with the rate of inflation. B. The average real hourly earnings fell steadily from 1973 to 1993. C. Workers with some high school education make about the same average annual earnings as those with high school diplomas. D. It is harder for a middle class student to get a college degree because since 1979, the cost of going to college has gone up twice as fast as the rate of inflation.
What is the percentage of income received by the upper quintile on line Z?
Marissa owns a small cottage by the lake. Big Boy’s Sawmill is next door, and it dumps sawdust into a sinkhole it owns. Unfortunately for Marissa, the sinkhole opens into a brook on her land, which gets clogged by the sawdust. It costs Marissa $3,000 per year to clean up the sawdust. Big Boy’s can dispose of the sawdust by having it hauled away for $2,000 per year. Marissa offers to pay Big Boy’s $2,500 per year to have the sawdust hauled away. In this example of the Coase theorem, what is the negative externality?
a. the cabin b. the sawdust c. the lake d. the sinkhole