As labor increases, there is a
A) shift of the aggregate production function, but no movement along it.
B) movement along the aggregate production function, but no shift in it.
C) movement along the aggregate production function and real GDP will increase less with each additional increase in labor.
D) movement along the aggregate production function and real GDP will decrease less with each additional increase in labor.
C
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Which theory of economic growth concludes that growth can continue indefinitely?
A) the classical theory B) the neoclassical theory C) the new theory D) all of the theories
In order to prove that Motrin and Ibuprofen are substitutes, one should measure the ________ and get a ________
A) price elasticity of demand; number greater than 1 (in absolute value) B) cross-price elasticity; positive number C) cross-price elasticity; negative number D) price elasticity of demand; number less than 1 (in absolute value)
Under a system of barter
A) each individual trades output directly with another. B) only agricultural goods may be traded. C) goods may be traded for money, but money may not be traded for goods. D) currency is accepted for purchases, but personal checks are not.
The supply and demand for money intersect at the equilibrium real interest rate, while the supply and demand curves for loanable funds intersect at the equilibrium real interest rate
a. True b. False Indicate whether the statement is true or false