The Black Death in fourteenth-century Europe resulted in
a. a lower marginal product of labor of surviving workers.
b. a higher marginal product of land.
c. economic hardship for surviving peasants.
d. economic hardship for surviving landowners.
d
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If the wage rate in a monopsonistic industry is $15, the marginal factor cost will be:
a. $0. b. $1. c. $15. d. greater than $15. e. less than $15.
Money fulfills which of the following functions?
a. a medium of exchange b. a unit of account c. a store of value d. all of the above are functions of money
In the income-expenditure framework, if planned aggregate expenditures are greater than real gross domestic product (GDP), _____
Fill in the blank(s) with the appropriate word(s).
The quantity theory of money argues that, in the long run (real GDP equals potential GDP), the percentage change in money will create an equal percentage change in
What will be an ideal response?