Increasing the wage rate will cause people to work more.
A. True
B. False
C. Uncertain
C. Uncertain
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Refer to Figure 6.1. At which point on the total product curve is the average product of labor the highest?
A) point A. B) point B. C) point C. D) point D. E) none of the above
Assume that coal is a normal good. If the price of coal increases and the quantity sold increases, which of the following is consistent with these observations?
A. The price of oil increased, oil and coal being substitutes B. A wage increase was give to coal miners C. New machinery made coal mining more efficient D. Consumers' incomes fell E. The demand curve is inelastic
Which of the following is a determinant of market supply but will not influence the marginal cost curve of an individual firm?
A.) The price of factor inputs. B.) The number of firms in the market. C.) Improvements in technology. D.) The person's desires.
Exhibit 20-6 Money, investment and product markets
?
In Exhibit 20-6, if the interest rate falls from i1 to i2, then:
A. the quantity demanded of investment increases from I1 to I2 and investment spending shifts the aggregate demand curve from AD2 to AD1, decreasing the level of real GDP. B. the quantity demanded of investment increases from I1 to I2 and investment spending shifts the aggregate demand curve from AD1 to AD2, increasing the level of real GDP. C. the quantity demanded of investment decreases from I2 to I1 and investment spending shifts the aggregate demand curve from AD1 to AD2, decreasing the level of real GDP. D. the quantity demanded of investment decreases from I2 to I1 and investment spending shifts the aggregate demand curve from AD2 to AD1, increasing the level of real GDP.