In Chapter 10, the variable N can be regarded as total population, workers, work-hours, or "effective" work-hours, all proxies for each other if they are assumed to grow at the same rate
To define (Y/N) as the standard of living, N is particularly regarded as A) total population.
B) workers.
C) work-hours.
D) "effective" work-hours.
A
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Economists distinguish a "normal" good from an "inferior" good by focusing on
A) how a change in income effects the demand for that good. B) the good's quality. C) the good's durability. D) the good's desirability. E) all of the above.
Producers may respond to a unit tax by _____
a. increasing the value of each unit b. increasing the number of units sold c. differentiating their product line d. selling the product in bundles
In the Keynesian region of the aggregate supply curve:
a. increases in aggregate demand are associated with decreases in output, but not with increases in prices. b. decreases in aggregate demand are associated with increases in prices, but not with increases in output. c. increases in aggregate demand are associated with increases in output, but not with increases in prices. d. decreases in aggregate demand are associated with increases in output, but not with increases in prices. e. increases in aggregate demand are associated with increases in prices, but not with increases in output.
The "invisible hand" is the price mechanism that guides people's actions in the market.
Answer the following statement true (T) or false (F)