If 11 workers can produce 53 units of output while 12 workers can produce 56 units of output, what is the marginal product of the 12th worker?
A) 0.16 B) 3 C) 4.67 D) 36
B
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________ believed that wages would resist falling during economic downturns.
A. Keynes B. Both Keynes and classical macroeconomic theorists C. Neither Keynes nor classical macroeconomic theorists D. Classical macroeconomic theorists
If government imposes a price ceiling on a good that is below the market equilibrium price
A) a surplus will develop. B) a shortage will develop. C) producers will reduce their sales price. D) consumers will reduce their demand for the good.
Within the framework of the aggregate expenditures model, which of the following is true?
a. When spending on goods and services exceeds the level business decision makers anticipated, inventories will rise. b. Equilibrium will always occur at the full-employment level of output. c. A nation's imports will decline as the nation's disposable income increases. d. When spending on goods and services exceeds the level of aggregate output, inventories will fall.
The slope of a demand curve is almost always
a. positive, because when people buy more of a good the cost of producing it will rise. b. positive, because the more money a person has, the more of a particular good will be bought. c. negative, because when people buy more of a good the cost of producing it will fall. d. negative, because with everything else equal, the same people will buy more of a good when its price is lower. e. positive, because as the price rises, people want to sell more of the good.