Which of the following is an example of roundabout production?
a. Paul pays Ringo to wash his car.
b. A church has a bake sale to raise money for a new narthex.
c. Jane saves her money to buy a stereo.
d. Robinson Crusoe makes a fish net to help him catch more fish per day.
e. Business owners in Minneapolis buy blocks of Minnesota Twins baseball tickets to help guarantee that the team will stay in town.
D
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Suppose the Japanese yen increases in its value relative to the U.S. dollar. In the U.S. economy,
A) the price level will increase and real GDP will fall if the increase in aggregate demand is less than the decrease in aggregate supply. B) the price level will increase and real GDP will fall if the decrease in aggregate demand is more than the increase in aggregate supply. C) the price level will fall and real GDP will increase if the increase in aggregate supply is greater than the decrease in aggregate demand. D) the price level will fall and real GDP will decrease if the decrease in aggregate demand is less than the increase in aggregate supply.
The Federal Open Market Committee oversees the money supply through the purchase and sale of government securities
a. True b. False Indicate whether the statement is true or false
Give an example of income elasticity of demand for a normal good and an inferior good. Calculate a sample income elasticity of demand for each.
What will be an ideal response?
The wage rate will fall and firms will increase employment to the point where MRP equals the new wage rate if
A. the demand for labor decreases. B. the demand for labor increases. C. the supply of labor increases. D. the supply of labor decreases.