The Federal Reserve increases the federal funds rate. The resulting economic change will be represented by a(n):
a. upward movement along the short-run Phillips curve.
b. downward movement along the short-run Phillips curve.
c. rightward shift of the short-run Phillips curve
d. leftward shift of the short-run Phillips curve.
b
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The marginal product of labor is the change in total product from a one-unit increase in
A) the quantity of labor employed, holding the quantity of other inputs constant. B) the quantity of capital employed, holding the quantity of labor constant. C) both the quantity of labor and the quantity of other inputs employed. D) the wage rate.
One typical cause of poverty is a lack of
a. money b. faith in the market system c. human capital d. desire to work e. all of the above
A movement along the supply curve might be caused by a change in
a. production technology. b. input prices. c. expectations about future prices. d. the price of the good or service that is being supplied.
Pure capitalism does not focus on private ownership of resources
Indicate whether the statement is true or false