Refer to Figure 11-4. The movement from A to B to C illustrates
A) diminishing returns to labor. B) an improvement in technology.
C) a decline in capital per worker. D) diminishing returns to capital.
D
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The Keynesian short-run aggregate supply curve is horizontal because
A) it represents Say's law. B) it reflects wage and price inflexibility. C) it represents the full employment level of real GDP. D) it reflects the absence of money illusion.
Real money balances
A. refer to the amounts of nominal money that individuals hold. B. are computed by deflating nominal money assets by the average price level. C. refer to the amounts of American money that an individual holds relative to gold or foreign currencies. D. are measured by currency holdings rather than holdings in checking accounts.
The high productivity of the U.S. economy results from using highly educated workers in a capital-intensive production process.
Answer the following statement true (T) or false (F)
Figure 18.1Refer to Figure 18.1. Canada has a comparative advantage in the production of:
A. bicycles. B. hang gliders. C. both bicycles and hang gliders. D. neither bicycles nor hang gliders.