Which of the following did not occur during the Industrial Revolution?
a. worker productivity increased
b. factories became larger
c. direct supervision of labor decreased
d. division of labor increased
e. fewer stages of production were organized in the household
C
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Money is "created" when
A. a depositor deposits money at the bank. B. people use money to pay for stuff they buy from one another. C. someone lends money to a friend or a family member. D. a bank grants a loan to a customer.
Assuming a long-run aggregate supply curve, a decrease in consumer confidence results in ________ in output and ________ in price level
A) a decrease; no change B) a decrease; a decrease C) an increase; no change D) no change; a decrease
If the government increases taxes while holding expenditures constant,
A) the bond supply curve will shift to the left and the equilibrium interest rate will fall. B) the bond supply curve will shift to the right and the real interest rate will fall. C) government borrowing will be increased. D) the government's deficit will increase.
Johnny has allocated $30 toward coffee and tea and feels that coffee and tea are perfect substitutes. Due to differences in caffeine levels, his MRS of tea for coffee equals two. If coffee and tea sell for the same price, Johnny will
A) spend all $30 on tea. B) spend all $30 on coffee. C) spend $20 on coffee and $10 on tea. D) be indifferent between any bundle of coffee and tea costing $30.