Which of the following inputs is normally considered to be variable in the short run?
A) labor
B) capital
C) money
D) time
A
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An appropriate Keynesian response to a recessionary gap is to: a. decrease net taxes
b. decrease government spending. c. increase interest rates. d. increase the cash reserve ratio.
The International Monetary Fund's primary role under the Bretton Woods System was to be:
A. the issuer of gold. B. a short-term lender for countries with an excess of imports over exports. C. the clearinghouse for international transactions. D. the arbiter of trade disputes.
In principle, we would expect the aggregate demand curve to be vertical because the price level is a reference point, the actual value of which should not matter.
Answer the following statement true (T) or false (F)
When 5 units of labor are employed, total product is 9 units; when 6 units of labor are employed, total product is 11 units of output. If the price of output is $5 per unit, what is the marginal revenue product of the 6th unit of labor?
A) $10 B) $5 C) $15 D) $55