n a straight-line production
a. decreases
b. increases
c. stays the same
d. is indeterminable
c. stays the same
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The aggregate price level is likely to rise if ________
A) the long-run real interest rate rises B) the long-run nominal interest rate rises C) the stock of money grows faster than real GDP D) real GDP grows faster than the stock of money
Refer to Table 4-4. Suppose that the quantity of labor demanded decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.50; Q = 380,000 B) W = $10.00; Q = 390,000 C) W = $8.00; Q = 350,000 D) W = $8.50; Q = 340,000
The large number of bank failures in the 1980s compared to the number of failures in earlier decades appears to be evidence __________ the existence of __________ problem in deposit insurance
A) supporting; a moral hazard B) supporting; an adverse selection C) against; a moral hazard D) against; an adverse selection
The rationality assumption says that
A) people do not intentionally make decisions that would leave them worse off. B) people never make decisions that would leave them worse off. C) people do not respond to incentives since incentives require scarce resources. D) all economic analysis must be normative.