A sharp increase in the divorce rate increases the number of lawyers hired to determine divorce settlements. This will
A) increase GDP and decrease well-being in the economy.
B) decrease GDP and decrease well-being in the economy.
C) increase GDP and increase well-being in the economy.
D) decrease GDP and increase well-being in the economy.
A
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In answering the question, assume a graph in which dollars are measured on the vertical axis and output on the horizontal axis. Refer to the information. For a purely competitive firm, marginal revenue graphs as a:
A. straight, upsloping line. B. straight line, parallel to the vertical axis. C. straight line, parallel to the horizontal axis. D. straight, downsloping line.
Which of the following is true regarding the effect of deficits from 1980 to 2005 in the United States?
A. They did not lead to substantial inflation because the Fed did not monetize the deficits. B. They did not lead to substantial inflation because the Fed did monetize the deficits. C. They led to substantial inflation because the Fed did not monetize the deficits. D. They led to substantial inflation because the Fed did monetize the deficits.