A larger labor force will allow the economy to produce more total output
Indicate whether the statement is true or false
FALSE
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Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 10 to 11 units?
A) 600 B) 500 C) 100 D) 54.5
A demand curve shows how quantity demanded changes as the price changes. It implies that
a. only a change in price can shift a demand curve b. everything else that affects demand is assumed to be constant c. quantity demanded is unrelated to price d. economists are concerned only with money e. it is impossible to show how anything but price affects demand
Stanley receives the following marginal utilities from the first four car washes that he buys each year, respectively: 20, 15, 10, and 5 . If each car wash sells for $10, then the marginal utility per dollar spent on the third car wash is
a. 10 b. 4.5 c. 1 d. 45 e. 5
Suppose that the United Kingdom pegs the pound to the euro and the European Central Bank decides to use monetary policy to offset the possible inflationary effects of European expansionary fiscal policy. Would it expand, contract, or not change the European money supply?
A) expand B) contract C) not change D) The answer cannot be determined using the information provided.