After Hurricane Katrina destroyed much of the infrastructure of the United States Gulf Coast,
A) labor became more valuable.
B) labor became less valuable because of the capital that had been destroyed.
C) labor became less valuable because FEMA's response wasn't timely.
D) labor became more valuable because of the rebuilding effort.
B
You might also like to view...
Assume demand is held constant and supply increases. The result is a decrease in the equilibrium price and an increase in the equilibrium quantity of the item bought and sold
a. True b. False Indicate whether the statement is true or false
Real business cycle theorists
a. accept the notion that the economy's movement through time is basically unstable and cyclical b. believe that the economy is influenced by real events, such as wars and population growth and not by psychological events, such as changes in consumer confidenceand that these real events trigger cycles c. argue that the economy, except for brief periods of instability, is highly static and this is because markets are noncompetitive d. argue that the economy cannot achieve full employment, even in the short run e. believe that the economy is dynamic and competitive and not subject to cycles
An increase in the money wage rate will cause the aggregate supply curve to shift
a. outward, which means the quantity supplied at any price level decreases. b. outward, which means the quantity supplied at any price level increases. c. inward, which means the quantity supplied at any price level increases. d. inward, which means the quantity supplied at any price level decreases.
If a production function has the property called __________, then doubling all inputs causes the amount of output to double as well
Fill in the blank(s) with correct word