Which of the following rises during a contraction and falls during the expansion phase of the business cycle?
a. prices
b. unemployment
c. output
d. interest rates
b. unemployment
Economics
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The marginal product of labor equals the value of marginal product of labor multiplied by the price of the output produced
Indicate whether the statement is true or false
Economics
In the figure are two linear production possibilities curves for countries Alpha and Beta. We can conclude that:
A. different value systems make it impossible to compare opportunity costs in the two
countries.
B. the opportunity cost of shelter is greater in Beta than it is in Alpha.
C. the opportunity cost of food is greater in Alpha than it is in Beta.
D. the opportunity cost of shelter is greater in Alpha than it is in Beta.
Economics