In the circular flow model, households provide all of the following resources to firms except
a. labor
b. money
c. capital
d. entrepreneurship
e. land
B
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Refer to the figure above. What is the initial equilibrium employment and wage rate?
A) 10 units of labor and $25 B) 20 units of labor and $25 C) 30 units of labor and $15 D) 10 units of labor and $35
The American Revolution and Constitution resulted in
(a) a dramatic change in laws and the ownership of property. (b) greatly expanded rights for wage workers and indentured servants. (c) the elimination of a land-owning aristocracy. (d) very little major change with respect to laws and ownership of property, though there was a strengthening of property rights.
An increase in the price of Irish whiskey imported into the United States will be reflected in
a. both the U.S. GDP deflator and the U.S. CPI. b. neither the U.S. GDP deflator nor the U.S. CPI. c. the U.S. GDP deflator, but not the U.S. CPI. d. the U.S. CPI, but not the U.S. GDP deflator.
If the exchange rate moves from 10 Mexican pesos per U.S. dollar to 8 Mexican pesos per U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________.
A. appreciated; depreciated B. depreciated; appreciated C. appreciated; appreciated D. depreciated; depreciated