Which of the following technological developments gave rise to labor unions in the United States?
a. transfer of plants and animals during the Columbian exchange
b. invention of methods for large-scale crop production and storage
c. advances in machine automation and manufacturing processes
d. rapid increase in computer information systems after World War II
c. advances in machine automation and manufacturing processes
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A sharp rise in the real value of stock prices, which is independent of a change in the price level, would best be an example of ________.
A. a change in the degree of excess capacity B. a change in real value of consumer wealth C. the interest-rate effect D. the real-balances effect
Total surplus is maximized in a(n) ________
A) monopolistically competitive market B) perfectly competitive market C) oligopoly D) monopoly
Which of the following is assumed to be constant in the quantity theory of money?
a. The money supply b. Real GDP c. The price level d. The velocity of money e. Nominal GDP
What would happen if you decreased the price to $2 and decreased the quantity supplied to 4,000 pounds?
a. You would create a shortage.
b. You would maintain the same surplus.
c. You would reach equilibrium.
d. You would reduce the surplus.