The four principal factors that Adam Smith identified as contributing to economic growth are
a. size of the labor force, degree of labor specialization, size of the capital stock, and level of technology
b. size of the labor force, degree of labor specialization, size of the capital stock, and natural resource base
c. size of the labor force, degree of labor specialization, size of the capital stock and the age of the labor force
d. quality of the labor force, degree of labor specialization, size of the capital stock, and level of technology
e. size of the labor force, quality of the labor force, degree of labor specialization, and natural resource base
A
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Which of the following situations demonstrates the endowment effect?
a. Ishani refuses to buy a used lamp at a yard sale because she has seen the same one, brand new, for a similar price at a department store. b. Aliyah prefers one brand of kombucha over another simply because the other one seems outrageously expensive. c. Dakota cannot decide which jacket is more practical, so she texts pictures of both to her mom to ask her opinion. d. Anil argues that a car dealership should give him more on his trade-in because he bought it for $43,000 only a few years ago.
The firm's demand curve for labor is
A) the marginal revenue product curve for labor. B) the demand curve for the good produced divided by the price of the good. C) the marginal physical product curve for labor divided by the price of the good. D) the marginal physical product curve for labor multiplied by the price of labor.
Suppose workers become pessimistic about their future employment, which causes them to save more and spend less. If the economy is on the intermediate range of the aggregate supply curve, then:
a. both real GDP and the price level will fall. b. real GDP will fall and the price level will rise. c. real GDP will rise and the price level will fall. d. real GDP and the price level will rise.
Show the short-run impact of the following factors on GDP using a graph of the aggregate goods and services market. Assume the economy was originally in long-run equilibrium
a. a stock market crash b. a decrease in the real interest rate c. a flood that destroys most agricultural crops d. a decrease in resource prices e. an increase in the labor force f. an increase in the expected inflation rate