A curve that shows the relationship between the wage and the quantity of labor demanded in the short run is:
A. the marginal revenue product of labor curve.
B. the marginal revenue curve.
C. the marginal product of labor curve.
D. None of these
Answer: A
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Refer to Figure 24-4. Given the economy is at point A in year 1, what is the inflation rate between year 1 and year 2?
A) 0.9% B) 1.8% C) 2.7% D) 3.0%
A typical economy produces thousands of different goods. Is it accurate to say that society faces a production possibilities frontier?
a. No, because two dimensions cannot capture the complexity of a full economy. b. No, although a graph with several thousand dimensions would be appropriate. c. Yes, although society does not face opportunity cost and the model does not apply. d. Yes, because scarcity always imposes opportunity costs. e. Uncertain-economic theory has no answer to this question.
The most basic investigative tool of economics is the
a. concept of scarcity. b. mechanism of supply and demand. c. coordination and trade syndrome. d. inflation-unemployment trade-off. e. regulation of business.
Which of the following is included in the investment component of GDP?
a. Elaine pays her college tuition bill. b. John's law firm buys him a new computer. c. Laura buys a bond that McDonald's sells to raise funds. d. All of the above are correct.