Using the data in the above table, if the price of an hour of labor is $10 and the price of a unit of capital is $20, then the most economically efficient technique for producing 100 sweaters is
A) A.
B) B.
C) C.
D) D.
D
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Many smaller economies of the world have learned that if they do not participate actively in world _________, they will not thrive economically.
a. trade b. politics c. wars d. media
The Phillips curve is built on the assumption that business fluctuations are
a. from the demand side. b. from the supply side. c. from both the demand and supply side. d. purely random events.
Jury verdicts that award wildly inflated compensation to victims for "pain and suffering" in medical malpractice cases serve indirectly to
A. encourage high quality medical care at the lowest possible cost. B. reward physicians for treating indigent patients. C. increase the cost of medical care in the U.S. D. provide incentives for efficient operation of Medicare and Medicaid.
If the stock of money is $50 billion, velocity is 4, and real output is $25 billion, what is the price level?
A. 0.5 B. 2 C. 4 D. 8