Wealth refers to
A. A flow of money over time.
B. The way personal income is divided among households.
C. The market value of assets people own.
D. The purchasing power this year.
Answer: C
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Comment on the following statement: "A firm's demand for labor can be affected by the availability of other inputs."
What will be an ideal response?
Figure 10-7
At what output level would the actual rate of unemployment equal the economy's natural rate of unemployment in ?
a.
y1
b.
y2
c.
at any output greater than y2
d.
at any output less than y1
According to real business cycle theorists,
A) fiscal policy explains most changes in output. B) price and wage rigidity explain most changes in output. C) efficiency wage theory explains wage rigidity. D) changes in output primarily represent changes in the natural level of output. E) fiscal policy explains most changes in efficiency wage theory.
Refer to the information provided in Figure 2.1 below for the economy of Macroland to answer the question(s) that follow.
Figure 2.1Refer to Figure 2.1. If Macroland's economy is at Point A, it could produce more consumer goods
A. only with technological improvements. B. only with additional resources. C. without sacrificing any capital goods. D. only by sacrificing some capital goods.