When you derive the average product of labor curve, you use
A. the slope of the ray out of the origin to the production function.
B. the vertical distance from the production function to the horizontal axis.
C. the slope of the production function.
D. the horizontal distance from the production function to the vertical axis.
Answer: C
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The strongest point in the case against activism is that
A) so many segments of private aggregate demand are unstable. B) activist policy, even if desirable, is too difficult to perform well enough. C) private aggregate demand is basically stable. D) policy rules for targets have been proven by the record of the Fed in the 1980s and 1990s to be perfectly feasible.
The Fed's interest rate response to the rising output ratio experienced from 1997 to 1999 is explained by
A) beneficial supply shocks which pushed down the inflation rate. B) the Fed's efforts to help end the Asian financial crisis C) the Fed's uncertainty about the concepts of the natural level of output and natural rate of unemployment. D) All of the above.
The first farm organization of importance was
a. the Grangers. b. the Greenback Party. c. the Southern Alliance. d. The Populists.
Production possibilities frontiers curve when they are charted on a graph because they show:
a) the underutilization of resources b) the maximum output of goods and services c) the increasing costs resulting in increasingly less output d) the technological level of the economy's productivity