Which of the following could not be expected to shift the aggregate demand curve?
A. net exports fall
B. consumption spending decreases
C. an increase in government spending
D. a change in real GDP
Answer: D
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According to the efficiency wage model, firms will pay the real wage that
A) maximizes workers' marginal productivity. B) maximizes the marginal productivity of capital and the marginal productivity of labor together. C) maximizes effort per dollar of real wage. D) minimizes hiring and training costs to the firm.
Imports are products produced in the home country and sold in another country.
Answer the following statement true (T) or false (F)
The opportunity cost of capital is
A. a part of economic profits. B. the normal rate of return. C. an explicit cost. D. usually unknown and must be estimated by looking at the price of capital goods.
If the price of a good decreases by 5% and the quantity demanded remains unchanged, then at that price, the good is
A. elastic. B. perfectly elastic. C. inelastic. D. perfectly inelastic.