The American Revolution and Constitution resulted in
(a) a dramatic change in laws and the ownership of property.
(b) greatly expanded rights for wage workers and indentured servants.
(c) the elimination of a land-owning aristocracy.
(d) very little major change with respect to laws and ownership of property, though there was
a strengthening of property rights.
(d)
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Which of the following schematics most accurately represents economic fluctuations during a business cycle?
A) Shock -> Spending response by households and firms -> Multiplier effect -> Change in real GDP B) Shock -> Multiplier effect -> Spending response by households and firms -> Change in real GDP C) Shock -> Multiplier effect -> Change in real GDP -> Spending response by households and firms D) Shock -> Change in real GDP -> Spending response by households and firms -> Multiplier effect
Refer to Figure 31.2 for a monopsonist employer. From the monopsonist's standpoint, the optimal wage and employment level would be
A. $6 per hour and 40 employees. B. $9 per hour and 40 employees. C. $7 per hour and 50 employees. D. $11 per hour and 50 employees.
Opportunity cost is defined as the
A) total value of all the alternatives given up B) highest-valued alternative given up C) cost of not doing all of the things you would like to do. D) lowest-valued alternative given up
Refer to Scenario 2.1. What is the equilibrium price of books?
A) 5 B) 10 C) 15 D) 20 E) none of the above