The command economy of World War I (1914–18) possessed which of the following traits?
(a) Decentralized decision-making in the markets
(b) The creation of many state agencies
(c) Volunteers for the armed forces
(d) Centralized decision making by bureaucrats
(d)
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In the long run, when the Fed increases the quantity of money, the
A) price level falls. B) nominal interest rate falls. C) price level rises. D) real interest rate rises. E) demand for money decreases.
Suppose a decrease in supply raises the price from $4.00 to $5.50 and decreases the quantity demanded from 2,000 to 1,500. Using the midpoint method, the elasticity of demand equals
A) 2.10. B) 1.11. C) 0.90. D) 0.72. E) None of the above answers is correct.
A manager of a small company makes the following statement – "We need to keep hiring additional workers up to the point where the marginal productivity of the last worker we hire is at its maximum
This way we can maximize the total productivity of the firm." Critically evaluate this statement.
Which of the following workers is most likely to lose his/her job during a recession?
A. A barber B. A farmer C. A baker D. A construction worker