The amount of goods and services produced from each unit of labor input is called
a. opportunity cost.
b. productivity.
c. externality.
d. marginal benefit.
b
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Assume that prices and wages adjust rapidly so that the markets for labor, goods, and assets are always in equilibrium
What are the effects of each of the following on output, the expected real interest rate, and the current price level? (a) a temporary increase in taxes (b) a reduction in the effective tax rate on capital (c) an increase in expected inflation
The long run outcome of the monopolistically competitive firm:
A. is not efficient. B. does not maximize profits. C. is the same as the short-run outcome. D. maximizes total surplus.
A soil bank program pays ___________ in order to _________
a. farmers' mortgages; eliminate bankruptcy b. farmers' mortgages; reduce the parity price ratio c. farmers to not grow; reduce excess demand d. farmers to grow; rejuvenate the land e. farmers to not grow; reduce supply
Under a relative concept of poverty, poverty
a. doesn't really exist. b. is higher in rich countries than in poor countries. c. can never be wholly eliminated by public policy. d. declines as technology advances.