Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. What is the marginal product of the fifth worker?
A. 40
B. 50
C. 30
D. 200
A. 40
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The interest rate effect is part of the reason
A) the long-run aggregate supply curve is vertical. B) the aggregate demand curve is downward sloping. C) the short-run aggregate supply curve is upward sloping. D) the aggregate demand curve is upward sloping.
If the Fed believes the natural rate of unemployment is 5.5 percent and the natural rate is really 5 percent, what is likely to happen in the short run?
a. The Fed will allow unemployment to be unnecessarily high and output to be unnecessarily low. b. The Fed will allow unemployment to be unnecessarily high, but output will remain at potential. c. The Fed will allow unemployment to be unnecessarily low and output to be unnecessarily high. d. The Fed will allow output to be unnecessarily low, but unemployment will remain at the natural rate. e. The Fed will allow unemployment to be unnecessarily low and output to be unnecessarily low.
Which one of the following would count as investment in the national income accounts?
What will be an ideal response?
Henry George claimed that land-rent taxes would not impair economic efficiency because:
A. They do not result in a change in the amount of land available B. Landowners are, as a group, financially secure and able to pay the taxes C. The supply of land is infinitely elastic D. Rents represent a small part of income paid to American resource suppliers, so taxes on wages and salaries are more disruptive