The supply curve of labor is upward sloping because the marginal revenue produced by labor is greater than one
Indicate whether the statement is true or false
F
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The table above gives data for the nation of Pearl, a small island in the South Pacific. When the economy is at full employment the price level is
A) 150. B) 110. C) 130. D) 140. E) 120.
The table below shows how the total utility that Alan derives from watching basketball games changes as he watches more and more games each week:
Basketball Games Total Utility Marginal Utility 1 55 2 85 3 110 4 130 5 145 6 155 Fill in the table above. Do the numbers in the table support the law of diminishing marginal utility? Explain.
Technological change ________ sustained increases in standards of living.
A. is necessary for B. is helpful, but not necessary, for C. is an obstacle to D. always leads directly
Answer the question based on the following list of factors that are related to the aggregate demand curve.
Changes in which two of the factors in the list above would most likely cause a shift in aggregate demand due to a change in consumer spending?
A. 1 and 3
B. 2 and 4
C. 5 and 10
D. 8 and 9