Technological change in modern societies is most likely the result of increases in
a. machine building.
b. more natural resource use.
c. education.
d. the labor force.
c
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The law of demand implies, holding everything else constant, that as the price of gelato
A) increases, the demand for gelato will increase. B) decreases, the demand for gelato will increase. C) decreases, the quantity of gelato demanded will increase. D) increases, the quantity of gelato demanded will increase.
If the marginal propensity to consume (MPC) is 0.75, a $50 decrease in government spending, other things being equal, would cause equilibrium real GDP to:
A. increase by $50. B. decrease by $50. C. increase by $200. D. decrease by $200.
When a bank sells a bond to the Fed
A. its liabilities decrease. B. its liabilities increase. C. its reserves initially increase. D. its reserves initially decrease.
As long as marginal product of labor exceeds the average product of labor, then average product of labor
A) must fall. B) must rise. C) will stay unchanged. D) will be at its maximum value.