The long-run effect of an increase in the money supply when starting from full employment is to
A) increase real GDP only.
B) increase the price level only.
C) increase both real GDP and the price level.
D) increase real GDP as the price level increases too.
B
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What is the Nash equilibrium of this game?
a. Both of them clean the apartment b. John cleans, Joe doesn't c. Joe cleans, John doesn't d. Neither of them clean the apartment
If long-run costs are plotted on the vertical axis and quantity of output plotted on the horizontal axis, a positively sloped line implies _____
a. constant returns to scale b. economies of scale c. diseconomies of scale d. an increase in capital-labor ratio e. a decrease in cost-output ratio
An individual should continue to spend time searching for a job as long as
a. all salary offers are below what the person expected. b. the marginal benefit expected from additional search exceeds the marginal cost. c. job openings are available in the individual's field. d. information is available that the individual has not yet collected.
If the wage rate were $15, how many workers would be hired?
