In the product market, changes in technology affect the marginal ________ of a unit of output. In the labor market, changes in technology affect the marginal ________ of a unit of labor input.

A. revenue product; cost
B. cost; revenue product
C. cost; cost
D. revenue; revenue


Answer: B

Economics

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Because the quantity theory of money tells us how much money is held for a given amount of aggregate income, it is also a theory of

A) interest-rate determination. B) the demand for money. C) exchange-rate determination. D) the demand for assets.

Economics

In third-degree price discrimination, markets with a smaller price elasticity of demand are ________ responsive to price changes and are charged ________ prices than markets with a larger price elasticity of demand.

A) less; lower B) more; lower C) less; higher D) more; higher

Economics

Imagine that Odyssey National is a brand new bank, and that its required reserve ratio is 10 percent. If it accepts a $1,000 deposit, then its excess reserve balance will be:

A. $0. B. $90. C. $100. D. $900.

Economics

If a hurricane were to wipe out the majority of the eastern seaboard in the United States:

A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.

Economics