If we hold ideas, education, and labor constant, then output (GDP) is a function of
A) human capital.
B) physical capital.
C) the skill of labor.
D) research capital.
Answer: B) physical capital.
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In the above figure, the efficient quantity is
A) 0 units. B) 70 units. C) 80 units. D) 100 units.
Which of the following is true? a. The nominal wage will be constant only if the inflation rate is constant
b. The real wage will be greater than the nominal wage only if the inflation rate is constant. c. The nominal wage and the real wage will change by the same amount if the price level is constant. d. The real wage will be equal to one only if the price level is zero. e. The real wage will be constant only if the nominal wage is constant.
Refer to the above figure. A price ceiling has been set at P1, and a black market has opened. The equilibrium black market quantity will be
A. Q2. B. between Q1 and Q3. C. above Q3. D. below Q1.
Under the gold standard,
A. no nation had control of its domestic monetary policy, and therefore no nation could control its aggregate demand. B. the world’s commerce was at the mercy of gold discoveries. C. discoveries of gold meant higher prices in the long run and higher real economic activity in the short run. D. All of the above are correct.