An decrease in quantity supplied is represented by a leftward shift of the supply curve
Indicate whether the statement is true or false
FALSE
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The aggregate production function is the
a. relationship between the amount of labor employed in the economy and the total amount of output produced b. relationship between available labor and the total amount of output produced c. the relationship between land and capital and labor employed in the economy d. long-run equilibrium of the macroeconomy e. amount of output any worker can produce given existing land and capital constraints
Between 1939 and 1944 the United States' national output
A. remained the same. B. nearly doubled. C. nearly tripled. D. nearly quadrupled.
The Bretton Woods Conference accomplished all of the following except _____.
(A) Establishing the World Bank. (B) Making financial arrangements for the post-World War II world. (C) An agreement to "peg" foreign currencies to the U.S. dollar. (D) Establishing the International Monetary Fund.
At Phil's Pretzel Stand, we found the following: 4 laborers produced 66 pretzels 5 laborers produced 76 pretzels 6 laborers produced 85 pretzels 7 laborers produced 88 pretzels What was the marginal product of the sixth laborer?
A) 10 pretzels B) 9 pretzels C) 6 pretzels D) 3 pretzels