_____ is the ratio of an economy's output to its stock of labor and capital
a. Productive capacity
b. Multifactor productivity
c. Marginal product of labor
d. Workforce productivity
e. Total factor productivity
e
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There is a distinction between the long-run aggregate supply (LRAS) curve and the short-run aggregate supply (SRAS) curve. In the long run
A) the aggregate supply curve is horizontal, while in the short run it is upward sloping. B) all adjustments to changes in the price level have been made, but in the short run all changes in the price level do not occur. C) technology is fixed, but not in the short run. D) the price level is constant in the long run, but fluctuates in the short run.
Figure 5-16
Figure 5-16 shows Adam’s purchases of bananas and apples when apples cost $5 each and bananas $4 each. The information implies that Adam’s income
A. must be $9. B. must be $20. C. must be $40. D. cannot be determined without further information.
United States coins and currency are backed by
A) silver. B) gold. C) reserves of foreign currencies. D) confidence that they will retain their value.
A monopolistically competitive firm faces a downward-sloping demand curve.
Answer the following statement true (T) or false (F)