An increase in the productivity of labor over time will:
A. Decrease the value of time
B. Increase the value of time
C. Decrease the demand for labor-saving devices
D. Decrease the demand for consumer goods and services
B. Increase the value of time
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Refer to the figure above. How many units of Good X will be supplied if the government sets a price ceiling of Pc on the good?
A) 0 units B) 10 units C) 25 units D) 35 units
The interest rate in Canada rises while the interest rate in the United States does not change. The
A) demand curve for Canadian dollars will shift leftward. B) demand curve for Canadian dollars will shift rightward. C) demand curve for U.S. dollars will shift rightward. D) demand curves for both Canadian and U.S. dollars will remain unchanged.
When economists state that money is neutral in the long run, they mean that in the long run,
A) fluctuations in the money supply are equally likely to lead to recessions as to expansions. B) changes in the money supply have the same impact on the rich as they do on the poor. C) the level of output is independent of the nominal money supply. D) the price level is independent of the nominal money supply.
Which of the following is an explicit cost?
a. The wages a firm pays to its workers b. The opportunity cost of an owner/entrepreneur's time invested in the firm c. The opportunity cost of the money the business owner/entrepreneur has invested in the firm d. The price of the business owner's/entrepreneur's land used for constructing a factory and a warehouse.