Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. During Period 2, labor productivity is equal to
A. 0.23.
B. 0.51.
C. 1.95.
D. 4.3.
Answer: D
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Explain the difference between a change in demand and a change in quantity demanded. What leads to each of these changes?
What will be an ideal response?
. In what year did the U.S. inflation rate drop drastically to close to –11%?
a. 1917 b. 1921 c. 1929 d. 1945
If the nominal interest rate is 10% and prices generally increase 5%, the real rate of interest is
A. 5%. B. 10%. C. 15%. D. 20%.
Which of the following generalizations is false? Other things equal:
A. interest rates are higher if lenders are imperfectly, rather than purely, competitive. B. the interest rate is less on small loans than on larger loans. C. long-term loans normally command higher interest rates than short-term loans. D. the greater the risk on a loan, the greater the interest rate.