Refer to Table 10.1. The marginal product of the fifth unit of labor is:
A. 8.
B. 40.
C. 50.
D. 250.
Answer: B
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If the government reduces expenditure on goods and services by $30 billion, then aggregate demand
A) increases by $30 billion and real GDP increases. B) decreases by more than $30 billion and real GDP decreases. C) increases by more than $30 billion and real GDP increases. D) decreases by $30 billion and real GDP decreases. E) increases and potential GDP increases.
Retail is
A) downstream. B) upstream. C) is reversed extraction. D) impossible to outsource.
Answer the following questions true (T) or false (F)
1. Monetary policy is conducted by the U.S. Treasury Department. 2. Maintaining a strong dollar in international currency markets is not one of the four monetary policy goals of the Fed listed in the textbook. 3. The Fed can directly lower the inflation rate.
Using the figure above, suppose Starbucks charges $4.50 per cup for its latte. Which of the following is true?
i. At this price, the demand for Starbucks latte is elastic. ii. If Starbucks lowers the price of its latte, its revenue will decrease. iii. If Starbucks raises the price of its latte, the demand for it will become less elastic. A) Only iii B) Only i C) Only ii D) i and ii E) i and iii