Between 1921 and 1929 national output rose about _____%.
Fill in the blank(s) with the appropriate word(s).
50
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The elasticity of demand for labor will be less the
A) longer the time period. B) easier it is to substitute one input for another. C) less the demand elasticity for the final product. D) larger the share of total costs accounted for by labor.
How would a decrease in the natural rate of unemployment affect the long-run Phillips curve?
a. It would shift the long-run Phillips curve right. b. It would shift the long-run Phillips curve left. c. There would be an upward movement along a given long-run Phillips curve. d. There would be a downward movement along a given long-run Philips curve.
Refer to the information provided in Figure 6.10 below to answer the question(s) that follow.
Figure 6.10Refer to Figure 6.10. The current price of a turkey sandwich is $6. If Kyle is currently buying nine turkey sandwiches a week, he ________ maximizing utility because the marginal utility ________ than its price.
A. is not; gained from the ninth sandwich is less B. is not; gained from the ninth sandwich is greater C. is; from the ninth sandwich is greater D. is; from the ninth sandwich is less
Harmonization of standards refers to
A) the elimination of tariffs and quotas by trading partners. B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners. C) the acceptance or keeping of a trading partner's standards as valid and sufficient by another trading partner. D) separate standards held by different trading partners which other partners refuse to recognize. E) All of the above.