Use the following table to answer the question below. Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120202408080401601204060801600800The terms of trade for one pound of green beans must lie between ________ and ________ pounds of corn.
A. 1/8, 1
B. 1/4, 1
C. 1, 2
D. 1, 4
Answer: D
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Real GDP measures the ________ of production.
A. physical volume B. current dollar value C. change in the volume D. current market value
Which of the following will cause the aggregate demand curve to shift to the right?
A) An increase in the price level B) An increase in the interest rate C) An increase in money demand D) An increase in investment expenditures
Refer to the labor market in Figure 33.5. Suppose the government imposes a payroll tax on employers. How much of the tax burden is passed on to workers?
A. $8 - $7 = $1 per hour. B. $10 - $7 = $3 per hour. C. $7 per hour. D. $10 - $8 = $2 per hour.
What are two criticisms of the marginal productivity theory of income distribution?
What will be an ideal response?