Refer to the following graph. The price of labor is $3 per unit:
Refer to the following graph. The price of labor is $3 per unit:
A. 17 units of capital
B. 20 units of capital
C. 19 units of capital
D. 18 units of capital
Answer: D
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The land of Mordor increases its capital stock. As a result, the long-run aggregate supply curve shifts ________ and so does the ________ curve
A) rightward; aggregate demand B) leftward; aggregate demand C) rightward; short-run aggregate supply D) leftward; short-run aggregate supply
In the Keynesian model, a build-up of unwanted inventories leads to
A) rising interest rates. B) falling unemployment. C) falling output. D) falling money wages.
Initially, the economy is at point B on Figure 10-2 above. According to the Solow growth model, a dramatic decrease in the rate of saving after complete adjustment shifts the economy from ________
A) B to H, increasing output per capita B) B to C, increasing output and capital per capita C) B to D, decreasing the output and capital per capita in the long run D) B to E, decreasing output per capita but holding per capita capital constant
The nature of contracts changed in the 19th century through judicial instrumentalism and had what effect?
(a) Facilitating free-market determinations of wages and prices. (b) Allowing factory owners to contract with masses of employees for wages, hours and working conditions if the terms were made known and the laborers agreed to them. (c) Advancing the rule of caveat emptor in markets because if a seller unknowingly sold defective goods, the buyer's opportunity to inspect the goods before purchase would ensure the seller's innocence of overt deception. (d) All of the above were effects of the changes to the nature of contracts.