Most researchers agree that the New Deal positively impacted
(a) employment and overall production.
(b) wages, working conditions and working hours.
(c) electricity production and use of it as power.
(d) all of the above.
(c)
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In a competitive market for labor, the equilibrium wage always equals the value of the marginal product
a. True b. False Indicate whether the statement is true or false
In the open-economy macroeconomic model, the market for loanable funds equates national saving with
a. domestic investment. b. net capital outflow. c. the sum of national consumption and government spending. d. the sum of domestic investment and net capital outflow.
The minimum point of the average total cost curve is the _____; the minimum point of the average variable cost curve is the _________.
Fill in the blank(s) with the appropriate word(s).
You work as a forecaster for a luxury automobile manufacturer. You know that there is a strong positive relationship between the demand for luxury automobiles and income levels. The government issues a report predicting that it expects income levels to increase steadily over the next 5 years. All else equal, which of the following courses of action would you recommend to the firm?
A. Start to increase investment now so that when income levels increases and the demand for luxury automobiles increases, the firm will be able to meet the new demand. B. Don't change the amount of investment made, but raise the price of luxury automobiles in response to the expected increase in the demand. C. Suggest that the firm curtail its advertising to avert a substantial increase in demand for luxury automobiles. D. Suggest that the firm make an investment in new capital to produce luxury automobiles only after it can verify an increase in income levels.