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1. If a firm is employing the profit maximizing number of workers, and then output price rises, the firm will respond by laying off workers.
A) True
B) False
2. A supply side economist would most likely support raising the corporate income tax.
3. If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? An increase in
A) the money supply and a decrease in interest rates.
B) government purchases.
C) oil prices.
D) taxes.
Why is a hypothetical "basket" of goods used to measure inflation? Suppose that the U.S. textile industry is competitive and there is no international trade in textiles. In long run equilibrium, the price per unit of cloth is $30. Describe the equili..
Discuss the macroeconomic supply of labor. Under which circumstances would you expect zero elasticity with regard to the real wage? In the real world this elasticity more often than not differs quite a bit from zero. Is this compatible with the theor..
Price outcomes of the 5 oligopoly models differ substantially. Which models produces the lowest and highest total profits (all firms combined)? What are the predicted prices? Provide aviation industry examples of routes or markets that might approxim..
Suppose you had an initial price of 32. Using the midpoint formula for the elasticity of demand, you determine that demand is unit elastic. What was the new price?
Assume that equilibrium real GDP is $800 billion, potential real GDP is $900 billion, the MPC is .80, and the MPI is .40. What is the size of the GDP gap? How much must government spending increase to eliminate the GDP gap? How much must taxes fall t..
State whether the following characteristics represent monopolistic competition, oligopoly, or both.
Define and identify the market for each of the following products in terms of (1) market scope (local, regional, national, international ( state your reasons why you classify them as local, regional, national or global in scope), (2) likely character..
Suppose the production of electricity by a utility generates pollution that harms others. Suppose also that Coase bargaining can occur between the utility and the victims of pollution but that the utility has not been legally liable for the damages f..
The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB) known as the generally accepted accounting principles (GAAP). This system relies on rules and regulations and thus is said to be a rules-based sy..
Complete the following table which summarizes the weekly sales and cost situation confronting a monopolist: Instructions: Enter your responses for total revenue, marginal revenue, and marginal cost as whole numbers. Enter your responses for average t..
Firms are competing by choosing prices. Suppose that every firm's marginal cost is zero.
Supermarket ends its promotion. What does her budget constraint look like now. What combination of meat and potatoes maximizes her utility.
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