Which of the following would increase labor productivity?
a. A labor deepening production method
b. A decrease in the amount of capital per unit of labor
c. A lower unemployment rate
d. Recruitment of new and young labor force
e. An increase in the education level of per unit of labor
e
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________ was the main proponent of the view that changes in the money supply can drive business cycles
A) Milton Friedman B) John Maynard Keynes C) Adam Smith D) David Ricardo
Which of the following will be included in the current year's gross domestic product (GDP)?
a. The sale price of equipment produced last year but sold this year b. The money spent by Kate on the purchase of new furniture c. The money spent by Barney on the purchase of his uncle's house d. The sale price of the stock purchased by John e. The opportunity cost of the time spent by Bruno cooking lunch for his neighbor
The burden of a tax will fall primarily on buyers when the
a. demand for the product is highly inelastic and the supply is relatively elastic. b. demand for the product is highly elastic and the supply is relatively inelastic. c. tax is legally (statutorily) imposed on the seller of the product. d. tax is legally (statutorily) imposed on the buyer of the product.
Oligopolists that follow the price leadership model:
A. are engaging in implicit, but not explicit, price fixing. B. are violating antitrust laws. C. have chosen to follow the grim-trigger strategy. D. will be unable to overcome the duopolists' dilemma because firms will have an incentive to underprice the firm that is the price leader.