The use of interchangeable parts in armament production by Whitney and North:
a. caused machinery to be replaced by skilled labor.
b. capital-labor proportions in the US to remain equal to those in England.
c. allowed producers to raise the price of guns.
d. increased the demand for skilled labor.
d. increased the demand for skilled labor.
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Because labor unions contribute to keeping real wages ________ their equilibrium levels, higher unionization rates will tend to contribute to ________ unemployment rates
A) above; higher B) above; lower C) below; higher D) below; lower
A recession is a period during which
A. aggregate demand, production, and unemployment rise. B. aggregate demand, production, and unemployment fall. C. aggregate demand, production, and unemployment remain the same. D. aggregate demand and production rise while unemployment remains the same. E. aggregate demand and production fall while unemployment rises.
The 4-year term of the president of the Fed is coterminous with the 4-year term of the president of the U.S
a. True b. False
In which of the following cases would real income rise?
A. Nominal income rises by 8 percent and the price level rises by 10 percent. B. Nominal income rises by 2 percent and the price level remains unchanged. C. Nominal income falls by 4 percent and the price level falls by 2 percent. D. Real income will rise in all of these cases.