A technological change that increases productivity ________ marginal product and ________ marginal cost
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
B
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Independent workers using specialized capital save the costs of contracting but risk:
a. generalization. b. opportunism. c. inefficiency. d. over-utilization.
Which one is a macroeconomic topic?
a. A business decides to buy new software. b. A person decides to return to college. c. The central bank lowers interest rates to stimulate the economy. d. The government issues new environmental regulations.
An aggregate production function shows the relationship between
A) real GDP and leisure. B) real GDP and the quantity of labor employed. C) leisure and unemployment. D) real GDP and unemployment.