The business cycle is measured by the
a. production of goods and services.
b. number of people employed.
c. the interest rate.
d. Both a and b are correct.
d
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Suppose labor is a variable input and capital is a fixed input, and consider a firm's short-run average, average variable, and marginal cost curves.
(i) What geometric relationships hold among these three curves? (ii) How would these curves be affected by an increase in the wage rate paid to labor? (iii) How would these three curves be affected by an increase in the rental rate paid to capital?
The direct exchange of goods and services for other goods and services without the use of money is
A) barter. B) financial intermediaries. C) a store of value. D) a standard of deferred payment.
How does rapid economic growth at home affect foreign exchange markets?
What will be an ideal response?
What occurs in the second stage of economic development?
A) Most of the labor force works in agriculture. B) The service sector comes to the forefront. C) The manufacturing sector declines in importance. D) Manufacturing gains in importance and employs a large portion of the labor force.