The market clearing price of corn has just increased. Which of the following could have caused this change?
A. a reduction in demand
B. an increase in quantity demanded
C. a reduction in supply
D. an increase in quantity supplied
Answer: C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
If nominal GDP increases by 5 percent a year and the GDP price index rises by 2 percent a year, then real GDP increases by ________
A. 7 percent a year B. 3 percent a year C. 2.5 percent a year D. 10 percent a year
The benefit to the firm from hiring one additional worker is called the
A) marginal revenue product of labor. B) total revenue. C) marginal profit. D) marginal revenue.
Unions are less likely to strike today than in the past because
a. real wages have increased over the last 20 years b. employers are less willing to hire strike breakers c. most workers in the U.S. are already union members d. more workers, both union and nonunion, are willing to cross picket lines e. many high-profile strikes (e.g., Caterpillar) have succeeded in winning job security