Alchemy was the attempt to discover a process by which base metals, such as lead, could be turned into gold. If an alchemist had been successful,
A) all the lead in the world would have been added to the world's gold supply.
B) all the lead in the world would have replaced the world's gold supply.
C) all the lead in the world would only have been added to the world's gold supply when it was converted to gold.
D) the alchemist would likely have been killed by the owners of real gold.
A
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If one worker can pick $30 worth of grapes and two workers together can pick $50 worth of grapes, the
A. marginal revenue product of each worker is $25. B. marginal revenue product of the second worker is $20. C. marginal revenue product of the first worker is $20. D. data given does not permit the determination of the marginal revenue product of either worker.
For all points below the 45-degree line, planned aggregate expenditure will be less than GDP
Indicate whether the statement is true or false
Suppose the marginal product of labor equals 1/L. If the wage is $1 per unit of labor, what is the short-run effect on the firm's labor demand if the price of output were to double?
A) The firm will demand half as much labor. B) The firm will demand twice as much labor. C) The firm will demand the same quantity of labor. D) There is not enough information to determine.
Explain in detail how the California gold rush contributed to rising prices in the early 1850's