Refer to Figure 11-1. Using the per-worker production function in the figure above, the largest changes in an economy's standard of living would be achieved by a movement from

Define marginal cost and calculate Brazil's marginal cost of producing a ton of food when the quantity produced is 2.5 tons per day

What will be an ideal response?

Within the Keynesian model, the multiplier effect tends to

a. smooth out the up- and down- swings of the business cycle. b. promote price stability. c. magnify small changes in spending into much larger changes in output and employment. d. reduce the impact of an increase in investment on output and employment.