In Figure 8.2, an increase in the cost of an input in the production process is best represented as a movement from point
A. A to point C.
B. C to point B.
C. A to point B.
D. B to point A.
Answer: D
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The unit of account is defined as
A) an object that is accepted in return for goods and services. B) the medium of exchange. C) the exchange of goods and services directly for other goods and services. D) barter. E) an agreed upon measure for stating prices of goods and services.
Fiscal policy is the responsibility of ________
A) the Federal Reserve System B) the Comptroller of the Currency C) the President and U.S. Congress D) High Commissioner for Refugees
The effects of the national health care program on labor markets will
A) lower the effective wage rate that they must pay for each unit of labor. B) decrease the marginal revenue product of labor. C) increase the marginal revenue product of labor. D) move upward along their downward-sloping marginal-product-of-labor curve.
The quantity equation relates a measure of the money supply (M), to the velocity of money (V), the GDP deflator (P) and real GDP (Y). Which of the following expression accurately describes the quantity equation?
What will be an ideal response?