Inflation tends to redistribute real income from lenders to borrowers.
Answer the following statement true (T) or false (F)
True
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In the above table, what is the marginal factor cost of the 2nd worker?
A) $24 B) $14 C) $64 D) $12
Other things constant, a decrease in resource prices will lead to
a. reduced profits and a reduction in short-run aggregate supply. b. increased profits and a reduction in short-run aggregate supply. c. reduced profits and an increase in short-run aggregate supply. d. increased profits and an increase in short-run aggregate supply.
In order to increase their power, unions have been merging across craft and industry lines.
Answer the following statement true (T) or false (F)
The purpose of the Corn Laws was to
A. discourage imports and encourage exports, and thus keep the price of food high. B. encourage both exports and imports in order to integrate the British economy with the rest of Europe. C. discourage both imports and exports in order to promote economic self-sufficiency in Britain. D. encourage imports and discourage exports, and thus keep the price of food low.