The Bretton Woods agreement established the gold standard
a. True
b. False
B
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An increase in the amount of capital per worker will: a. increase labor productivity but not capital productivity
b. increase capital productivity but not labor productivity. c. increase both labor and capital productivity. d. shift the per-worker production function upward. e. increase total output but not the productivity levels of individual workers.
Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below.
If the government provides a subsidy of $500 per ton, then relative to before the subsidy, total economic surplus will ________ by ________ per day.
A. increase; $1,000 B. decrease; $6,500 C. decrease; $1,000 D. increase; $6,500
Which of the following will be a source of economic growth
a. an increase in inflation b. an improvement in technology c. a reduction in the labor force d. an increase in JSU football touchdowns
The open economy effect refers to the fact that
A) the position and shape of the long run aggregate supply curve is partially due to the fact that we import goods. B) the slope of the aggregate demand curve is partially explained by the reduction in the desire to buy fewer U.S. goods by U.S. residents and foreign residents as a result of a higher price level. C) the immigration policies of the United States are disruptive to labor markets. D) the aggregate supply curve shifts when the economy grows.