Which of the following will NOT increase the productivity of labor?
A. technological improvements
B. an increase in the capital stock
C. improvements in education
D. an increase in the size of the labor force
Ans: D. an increase in the size of the labor force
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?Consider a market for cookies that is initially in equilibrium. For a given upward-sloping supply curve, the equilibrium price and equilibrium quantity of cookies is most likely to decline when:
A) the price of milk, a complement, increases. B) consumer income increases. C) the number of consumers increases. D) the price of coffee, a complement, decreases. E) price of crackers, a substitute, increases.
A combination of recession and inflation is called
A) a recession. B) an expansion. C) a business cycle. D) stagflation. E) depression.
Refer to Figure 7-1. The market equilibrium quantity is ________ thousand vaccinations
A) 100 B) 200 C) 300 D) >300
Which of the following statements is true about causes of business cycle fluctuations?
A. Economists all agree that monetary changes are primarily responsible for business cycle fluctuations. B. Economists all agree that supply shocks are the cause of most business cycle fluctuations. C. There are a wide range of theories as to the underlying causes of business cycle movements. D. Economists all agree that productivity shocks are the cause of most business cycle changes.