Those closest to fomenting a real revolution during the early years of the Great Depression were
(a) bankers.
(b) farmers.
(c) industrial workers.
(d) the middle class.
(b)
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The above table gives some of the costs of the Delicious Pie Company. What is the average variable cost of producing 300 pies?
A) $1,800 B) $6 C) $5 D) More information is needed to calculate the average variable cost.
Suppose that the production function for the economy is: Y = AK1/4L3/4. Assume that A = 1,000, the current capital stock is $32,000 billion, and the labor force is 120 million (or 0.120 billion) workers
All else equal, if the capital stock increased by $8,000, the value of the marginal product of labor will be A) $18,021.09. B) $20,223.24. C) $21,625.30. D) $60,070.29.
If both total employment and total output in an economy grow by 2 percent each year, then the annual growth in labor productivity in the economy over a decade will be equal to _____
a. 0 percent b. 2 percent c. 10 percent d. 20 percent e. 2 percent times the size of the labor force
What key observation did the classical model attempt to explain?
a. the economy performs well in the short run, but not so well in the long run b. business cycles are the most important economic problem c. over the short run, the economy performs rather poorly d. markets do not clear without government intervention e. over the long run, the economy performs rather well