As interest rates rise, the ____________ curve shifts _____________ resulting in a(n) _________________ in the price level and a(n) ________________ in Real GDP
A) AD; leftward; decrease; decrease
B) AD; rightward; increase; increase
C) SRAS; rightward; decrease; increase
D) SRAS; leftward; increase; decrease
A
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Today's U.S. dollar bills are "backed" by
A) nothing. B) Warren Buffet. C) barrels of oil. D) precious metals. E) U.S. Treasury Bonds.
Consider two situations: In situation A the production of widgets is monopolized by a single firm. In situation B the production of widgets is perfectly competitive. In both situations the supply of labor to widget makers is infinitely elastic at a wage of w. Which of the following statements is true?
a. The marginal value product of labor will be the same in the two cases. b. The marginal value product of labor is higher in case B than in case A. c. The marginal value product of labor is higher in case A than in case B. d. From the information given it is not possible to make a definite statement about the marginal value product of labor.
How did the AFL feel about unskilled noncraft workers?
a. It was threatened by their low wages. b. It felt sympathy for them. c. It was unconcerned about them. d. It hoped to make them new members. e. It resented their high MRP.
If investment is zero, the capital stock
A. continues to flow. B. falls to zero. C. remains constant. D. grows steadily.