In the specific factor model, the effect of an increase in the productivity of labor in the production of food will cause a(an) ________ in the quantity of labor used to produce cloth, a(an) ________ in the quantity of labor used to produce food and
a(an) ________ in the wage rate. A) decrease; increase; increase
B) increase; decrease; increase
C) increase; decrease; decrease
D) decrease; increase; no change
E) increase; increase; no change
A
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The multiplier measures the
A) number of steps it takes to move from one equilibrium to another. B) rise in saving resulting from a rise in income. C) marginal propensity to invest. D) rise in equilibrium GDP resulting from a one dollar rise in planned autonomous expenditures.
According to psychologist __________, physiological needs must be met before higher-order needs are undertaken
a. Abraham Maslow b. Peter Drucker c. A. J. Boothe d. Sal Schilling
Which of the following explains the downward slope of the aggregate demand curve?
a. disposable income remains unchanged when prices rise. b. higher domestic prices encourage exports and discourage imports. c. higher prices reduce the household’s real wealth. d. All of these.
Cyrus McCormick and Eli Whitney were important in the technology of
A. steel. B. automobiles. C. agriculture. D. oil.