The productivity curve
A) has a positive slope.
B) has a negative slope.
C) is vertical.
D) is horizontal.
E) is U-shaped.
A
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A major objective of tax policy should be to
a. avoid distortions in resource allocation while raising revenue b. divert savings from the private to the public sector c. increase the government's ability to direct the economy d. supplement resources entering the country from foreign aid e. all of the above
An increase in the price level means that
A) long-run aggregate supply has increased. B) monetary policy has been contractionary. C) the value of the dollar has increased. D) the purchasing power of money has fallen.
The value of the marginal product of labor is given by the product of the marginal product of labor and the market wage rate
Indicate whether the statement is true or false
Which of the following statements about the effects of rent control is correct?
a. The short-run effect of rent control is a surplus of apartments, and the long-run effect of rent control is a shortage of apartments. b. The short-run effect of rent control is a relatively small shortage of apartments, and the long-run effect of rent control is a larger shortage of apartments. c. In the long run, rent control leads to a shortage of apartments and an improvement in the quality of available apartments. d. The effects of rent control are very noticeable to the public in the short run because the primary effects of rent control occur very quickly.