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queeny queeny
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Posts: 512
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6 years ago
Refer to Table 19-18. What is real GDP in 2016, using 2016 as the base year?
 
  A) 28,885 B) 11,790 C) 11,200 D) 10,275



Ques. 2

If the unemployment rate in the economy is steady at 4 percent per year, how does the short-run Phillips curve predict that the inflation rate will be changing, if at all? What will happen if the unemployment rate now rises to 7 percent per year?
 
  Assume there are no changes to inflation expectations. Provide an appropriate graph to support your discussion.



Ques. 3

Refer to Table 23-4. Given the consumption schedule in the table above, the marginal propensity to save is
 
  A) 0.3. B) 0.4. C) 0.5. D) 0.6.



Ques. 4

Higher wages that compensate workers for unpleasant aspects of a job are called compensating differentials.
 
  Indicate whether the statement is true or false



Ques. 5

Refer to Table 19-18. What is real GDP in 2016, using 2011 as the base year?
 
  A) 28,885 B) 11,790 C) 11,200 D) 10,275



Ques. 6

Suppose a developing country experiences a reduction in machinery and capital equipment as foreign entrepreneurs decrease the amount of investment in the economy. As a result
 
  A) the economy will move up along the long-run aggregate supply curve.
  B) the long-run aggregate supply curve will shift to the right.
  C) the long-run aggregate supply curve will shift to the left.
  D) the economy will move down along the long-run aggregate supply curve.



Ques. 7

Cost-plus pricing would be consistent with selecting the profit-maximizing price when
 
  A) the demand for the firm's product is unit elastic.
  B) consumers value the product beyond its marginal cost.
  C) a firm has no difficulty estimating its demand curve.
  D) it results in a price that causes quantity sold to be where marginal revenue equals marginal cost.



Ques. 8

Explain why it is more difficult to determine the incidence of the corporate income tax than it is to determine the incidence of the tax on gasoline.
 
  What will be an ideal response?



Ques. 9

Refer to Table 19-17. What is real GDP in 2016, using 2011 as the base year?
 
  A) 3,320 B) 3,690 C) 6,360 D) 7,035



Ques. 10

While labor unions tend to negotiate above-equilibrium wage rates for their members, they also tend to reduce the quantity of labor hired.
 
  Indicate whether the statement is true or false
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wrote...
6 years ago
(Answer to Q. 1)  B

(Answer to Q. 2)  If the unemployment rate is constant at 4 percent per year, the inflation rate should remain constant, as shown in the graph below (as long as the unemployment rate is 4 percent, the inflation rate does not change). If the unemployment rate rises to 7 percent, then the Phillips curve would predict that the inflation rate will be lower than it was when unemployment was 4 percent.

(Answer to Q. 3)  B

(Answer to Q. 4)  TRUE

(Answer to Q. 5)  D

(Answer to Q. 6)  C

(Answer to Q. 7)  D

(Answer to Q. 8)  You can determine the incidence of the gasoline tax if you know the elasticity of demand and the elasticity of supply of gasoline. If the demand for gasoline is less elastic than the supply, consumers will pay the majority of the tax. If the supply is less elastic than the demand, firms will pay the majority of the tax. Firms pass on some of the burden of the corporate income tax to consumers in the form of higher prices, but there is general agreement among economists that the tax also reduces the rate of return on investment in corporations. If a firm invests less with the tax than it would without the tax, it will have a negative effect on productivity. This can result in lower wages for workers. All of these factors make it difficult to determine the impact of the corporate income tax on any one of the affected groups. A study by the Congressional Budget Office suggests that the total burden of the tax is significant, equal to as much as one-half of the revenue the tax raises.

(Answer to Q. 9)  C

(Answer to Q. 10)  TRUE
queeny Author
wrote...
6 years ago
Face with Cold Sweat  Can you answer the others that I've posted too?
wrote...
6 years ago
I'll take a quick look at them
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