According to economist Milton Friedman (1912-2006), the source of instability in the economy could be thought of as a:
A. baseball manager (the Fed) that removes his starting pitcher too soon and sees a five-run
lead evaporate in a single inning.
B. duck hunter (the Fed) who starts shooting at ducks well before they fly over.
C. a camp councilor (the Fed) who is wearing a baseball cap that has two bills and says, "I
am the leader; which way did they go?"
D. backseat car passenger (the Fed) who occasionally leans over the front seat and abruptly
D. backseat car passenger (the Fed) who occasionally leans over the front seat and abruptly
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The marginal product of labor (MPL) measures ________
A) by how much labor increases for each additional unit of output B) by how much labor increases for each additional unit of capital C) by how much total factor productivity increases for each additional unit of labor D) by how much labor increases for each additional unit of productivity E) by how much output increases for each additional unit of labor
Price discrimination is more likely in the case of services than in the case of goods because
A) producers of goods usually do not face downward sloping demand curves. B) it is easier to distinguish customers with different elasticities of demand with respect to services than with goods. C) elasticities of demand vary more with services than with goods. D) it is more difficult to resell services.