What determines the slope of the aggregate supply curve is
A. how much more the economy can produce without any change in the price level.
B. how fast the output level changes after a technological advance.
C. how fast the price of factors of production respond to changes in the price level.
D. none of the above.
Answer: C
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Answer the next question(s) based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. What is the marginal product of the sixth worker?
A. 2 units B. 3 units C. 4 units D. 5 units
What are the private costs of driving an automobile? What are the external costs?
What will be an ideal response?
If interest rates increase, the government debt becomes:
A. less expensive to pay. B. more volatile. C. less of a burden. D. more expensive to pay.
Which question is an example of a macroeconomic question?
A. What is the level of industrial concentration in the U.S. automobile industry? B. What economic incentives can be used to reduce the cost of health care in the nation? C. What policies would be recommended for stimulating national economic growth? D. What market conditions are expected for milk in the nation this year?