Daryn is raking leaves to earn money for his university's economics club. In the first hour, he rakes 8 bags of leaves. In the second hour, he rakes 6 bags of leaves. If he earns $8 per hour, the value of the marginal product of the second hour of labor is $48
a. True
b. False
Indicate whether the statement is true or false
True
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The existence of lags prevents the instantaneous adjustment of the economy to policies changing aggregate demand, thereby strengthening the case for
A) supply-side policy. B) nonactivists. C) activists. D) demand-management policy.
In the equation of exchange, the concept that provides the link between M and PY is called
A) the velocity of money. B) aggregate demand. C) aggregate supply. D) the money multiplier.
Provide two circumstances where monopoly may offer efficiency advantages over competition.
What will be an ideal response?
Refer to Table 3-34. For which good(s) does Indonesia have a comparative advantage
a. bananas but not rice. b. rice but not bananas. c. nether rice nor bananas. d. rice and bananas.