Monetarists believe that
a. velocity is constant
b. velocity is highly predictable
c. there are three motives for demanding money
d. changes in the money supply cause changes in velocity
e. a change in the money supply can affect real GDP
B
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Excessive regulation may lead to
a. corruption b. attempts to evade regulations c. high costs of complying with regulation d. lobbying to remove regulation e. all of the above
The idea of comparative advantage is related to
A) the idea of opportunity cost. B) the idea of absolute advantage. C) using the worker with the most diverse sets of skills. D) engineering efficiency.
Recall the Application about how having car insurance affects driving behavior to answer the following question(s).Recall the Application. When a state makes car insurance compulsory, decreasing the number of uninsured drivers, roads tend to become less hazardous.
Answer the following statement true (T) or false (F)
Suppose a firm's hourly marginal product of labor is given by MPN = A (200 - N)
(a) If A = 0.2 and the real wage rate is $10 per hour, how much labor will the firm want to hire? (b) Suppose the real wage rate rises to $20 per hour. How much labor will the firm want to hire? (c) With the real wage rate at $10 per hour, how much labor will the firm want to hire if A rises to 0.5?