In the long run, an increase in the quantity of money leads to
A) a smaller percentage increase in the real interest rate.
B) a smaller percentage increase in the price level.
C) an equal percentage increase in the price level.
D) no effect on the price level or on real GDP.
E) an equal percentage increase in the real interest rate.
C
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Doug's Dog Grooming is a perfectly competitive firm charging $5 per dog grooming
Doug's Dog Grooming has the total and marginal product of labor schedules in the above table and can hire workers from a perfectly competitive labor market for $15 per hour. What is the value of marginal product of the third worker? A) $5 B) $25 C) $15 D) $375
If the economy is in a recession, which point in the graph shown would likely represent this?
A. E1
B. E2
C. E3
D. E4
Union membership in the United States has fallen compared to what it was in the 1950s.
Answer the following statement true (T) or false (F)
A supply restriction on imported goods, such as the government's restriction of imported oil for many years, is referred to as
A) an export quota. B) an import quota. C) a price floor. D) a price ceiling.