Which of the following is the primary source of changes in output within the framework of Keynesian analysis?
a. changes in the price level
b. changes in aggregate demand
c. changes in interest rates
d. changes in wage rates
B
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The labor supply for an industry would decrease if
A) the wage rate falls. B) a greater percentage of women want to work outside the home. C) the percentage of the population from age 16 to 65 decreases. D) the government welcomes foreign workers into the country.
Which of the following changes to the market in the graph shown could cause the price ceiling to become non-binding?
A. Demand could increase, and shift to the right.
B. Supply could increase, and shift to the left.
C. Supply could increase, and shift to the right.
D. Supply could decrease, and shift to the left.
Value-creating contracts require underlying laws that:
a. clearly define the rights and obligations of the parties. b. discriminate between the rights of the different income groups. c. describe the final distribution of rights among the transacting parties. d. create equal distribution of wealth.
If a firm doubles the amount of labor it uses and triples the amount of capital it uses but its level of output less-than-triples as a result, what can be said about the firm's returns to scale?
A. This firm has increasing returns to scale. B. This firm has decreasing returns to scale. C. This firm has constant returns to scale. D. Nothing can be determined about this firm's returns to scale based on the information given.