Ultimately, quotas ________ prices for imported goods and ________ prices for domestic goods
A) raise; raise
B) raise; lower
C) raise; do not affect
D) do not affect; do not affect
A
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The above table shows the short-run total product schedule for the campus book store. At what levels of books sold per hour will the marginal product of labor be greater than the average product of labor?
A) 40 books sold per hour B) 73 books sold per hour C) Both A and B are correct. D) Neither A nor B is correct.
If the U.S. Surgeon General announced that increased grapefruit juice consumption could help prevent heart attacks, what would happen to the equilibrium price and quantity of grapefruit juice?
A) Price and quantity both increase. B) Price and quantity both decrease. C) Price increases but quantity decreases. D) Price decreases but quantity increases.
The marginal product of the fourth gizmo worker hired is
A) 1. B) 3. C) 5. D) 10.
According to the classical theory, inflation occurs when the annual rate of growth of the money supply is higher than the annual rate of growth of full-employment real GDP
Indicate whether the statement is true or false