Refer to the graph below showing the marginal product (MPL) and the average product of labor (APL). At which quantity of labor employed is marginal product equal to average product?
A. A
B. B
C. C
D. D
C. C
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If the price effect outweighs the income effect of a wage increase, the quantity of labor supplied will:
A. increase. B. decrease. C. remain the same. D. be negative.
Which of the following products can be sold through mass advertising?
a. A new electrocardiogram machine to be used by medical examiners b. A mainframe computer installation c. A new health insurance policy d. A new brand of baby diapers
During a recession:
a. Government spending automatically rises and taxes automatically rise. b. Government spending automatically falls and taxes automatically rise. c. Government spending rises automatically and taxes fall automatically. d. Government spending and taxes do not tend to change. e. None of the above.
Assume that the central bank lowers the discount to increase the nation's monetary base. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the quantity of real loanable funds per time period and reserve-related (central bank) transactions in the context of the Three-Sector-Model? State your answer after the macroeconomic system returns
to complete equilibrium. a. The quantity of real loanable funds per time period remains the same and reserve-related (central bank) transactions become more positive (or less negative). b. The quantity of real loanable funds per time period falls and reserve-related (central bank) transactions remain the same. c. The quantity of real loanable funds per time period and reserve-related (central bank) transactions remain the same. d. The quantity of real loanable funds per time period rises and reserve-related (central bank) transactions remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.