The vertical axis of the aggregate demand and aggregate supply graph has the
a) output of goods.
b) output of services.
c) real GDP.
d) the price level.
Ans: d) the price level.
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When an economy faces diminishing returns
A) the slope of the per-worker production function becomes steeper as capital per hour worked increases. B) the per-worker production function shifts to the left. C) the slope of the per-worker production function becomes flatter as capital per hour worked increases. D) the per-worker production function shifts to the right.
Which of the following is an example of intraindustry trade?
A) Trading peanut oil for tractors B) Trading crude oil for automobiles C) Trading Nokia smartphone for Apple iPhones D) Trading jeans for cotton
Collateral is ________ the lender receives if the borrower does not pay back the loan
A) a liability B) an asset C) a present D) an offering
The marginal revenue product of an hour of labor used in steel production is equal to
A. its marginal physical product times the hourly wage rate. B. its marginal physical product times the price of steel. C. the hourly wage rate. D. its marginal physical product divided by the price of steel.