If Kelly's output per hour in 1995 were 100 and her output per hour in 1996 were 105, how much would her productivity be in 1996?
A. 5
B. 100
C. 102.5
D. 105
D. 105
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Which of the following will cause the long-run aggregate supply curve to shift?
I. Changes in technology II. Changes in government spending III. Changes in the money supply A) I only B) II only C) I, II, and III D) only I and II
In a barter system, we would expect to see
A) many different units of money. B) money and goods exchanged for each other. C) wide-spread financial institutions. D) goods traded directly for other goods and services.
In Figure 4.2, at quantities larger than Q1, demand is:
A. inferior. B. elastic. C. inelastic. D. unit elastic.
Answer the following questions true (T) or false (F)
1. If a country produces only two goods, then it is not possible to have a comparative advantage in the production of both those goods. 2. In a two-good, two country world, if one country has an absolute advantage in the production of both goods, it can still benefit by trading with the other country. 3. If the opportunity cost of producing more of one good increases as more of that good is produced, then the production method is inefficient.