Refer to the above table. What does total product equal when 4 units of labor are used?
A. 960
B. 320
C. 1328
D. 332
Answer: C
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Why was the stock market crash of 1929 a disaster for the economy?
(a) Through the "wealth effect," investors lost paper wealth and consequently reduced their spending on goods and services. This led to cutbacks in production and jobs. (b) Businessmen became pessimistic about the future and reduced spending on plants and equipment, thus causing reduced production and increased layoffs in the capital-goods sector of the economy. (c) The crash revealed a flawed structure of credit and weak system of banks and other financial institutions in the U.S. (d) All of the above are correct
The way we know what commodities are relatively scarce or abundant is through
A) transaction costs. B) prices. C) price ceilings. D) price floors.
Growth in employment can result
a. from an increase in labor supply only b. from an increase in labor demand only c. from changes in technology only d. from an increase in either labor supply or labor demand e. only when the wage rate falls
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.