As the amount of labor used in production increases, total product
a. increases at low levels of labor and decreases at high levels labor.
b. increases at high levels of labor and decreases at low levels of labor.
c. always increases.
d. always decreases.
c. always increases.
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The IMF agreement forced the U.S. to exchange gold for dollars at what price?
A) $25/ ounce B) $35/ ounce C) $45/ ounce D) $55/ ounce E) $20/ ounce
Suppose that someone makes the argument that because empty alcohol containers are found at many accidents, the containers cause accidents. This would be an example of
a. sound logic. b. reverse causality. c. omitted variables. d. bias.
Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the supply of labor, a major new discovery of oil, and new environmental regulations that raise the cost of electricity production. In the short run
a. the price level will rise and real GDP will fall. b. the price level will fall and real GDP will rise. c. the price level and real GDP will both stay the same. d. All of the above are possible.
One reason the demand curve slopes ________ is that as prices fall ________.
A. downward; more people find that the price is now less than their reservation price B. downward; fewer people find that the price is now less than their reservation price C. upward; more people find that the price is now less than their reservation price D. upward; fewer people find that the price is now less than their reservation price