The value of an additional baker to a bakery is equal to the
A) price of bread.
B) value of marginal product of the baker.
C) baker's marginal productivity in terms of loaves of bread.
D) marginal cost of making an additional loaf of bread.
B
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The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains should have been higher. The Secretary's statement is a ___________ economic statement, and the labor union head's statement is a(n) _____________ economic statement
a. normative; normative b. normative; positive c. positive; normative d. positive; positive e. proper; improper
Monetary policy has the following advantage(s) over fiscal policy:
A. it can usually be fine-tuned. B. it is less influenced by politics. C. it can be implemented faster. D. all of the answers given are correct.
Suppose there is a new technological invention that will allow you to put any resource into a special black box and in an instant anything that you program it to produce will be produced? Does this invention end scarcity? Why or why not?
What will be an ideal response?
Keynesian picture the aggregate demand curve as rather __________, partly because interest rates may be __________ to changes in the real money supply
A) flat; highly responsive B) flat; quite unresponsive C) steep; highly responsive D) steep; quite unresponsive