Refer to Scenario 5.4. What is the probability of outcome B?
A) 0
B) -0.5
C) 0.5
D) 0.4
E) 0.2
C
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How does the aggregate supply curve differ from a supply curve for, say, bananas?
What will be an ideal response?
Union membership over the last five decades has
a. grown at the same rate as the labor force b. become much more attractive and has grown more rapidly than the labor force c. become much more attractive d. grown more rapidly than the labor force e. declined
All the land in a California valley is owned by one person. The supply of land is fixed and is rented each year to farmers who bid for it in an open auction. Given the rents they must pay, the farmers barely earn subsistence. Sympathy for the poor farmers leads the state to bring in irrigation facilities to raise the productivity of the farms and raise the farmers' income. The most likely outcome
is a. the farmers will prosper. b. the farmers and the landlord will share the new prosperity. c. only the landlord will prosper. d. no one will prosper.
Which of the following could trigger demand-side inflation?
a. a decrease in the money supply b. an increase in taxes c. an increase in government spending d. an increase in interest rates