With a fixed amount of capital, the total amount number of computers produced by 50 workers is 5,000. The average productivity of labor is
A. 0.01.
B. 5.
C. 100.
D. 250.
Answer: C
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The change in the quantity demanded of a good resulting from a change in relative price with the level of satisfaction held constant is called the ________ effect
A) Giffen B) real price C) income D) substitution
The long-run Phillips curve is a horizontal line at the natural rate of unemployment
a. True b. False Indicate whether the statement is true or false
Adam Smith wrote in his book "The Wealth of Nations" that competition ________ the entrepreneur.
A. distracts B. shapes C. regulates D. motivates
An economy in long-run equilibrium experiences an increase in aggregate demand. According to the classical model,
A) the price level will increase, but real GDP will not change. B) the price level and real GDP will increase at the same time. C) the price level will increase, but real GDP will decrease. D) the price level will rise first, then real GDP will increase.