The benefit of saving some American jobs in specific industries protected from foreign competition
A. has fallen in recent years.
B. is much less than the costs to the whole American economy.
C. is much greater than the costs to the whole American economy.
D. has risen in recent years.
Answer: B
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The natural unemployment rate
A) is a constant figure of about 4 percent. B) fluctuates with the rate of inflation. C) is the unemployment rate that occurs when the economy is at full employment. D) is equal to cyclical unemployment.
If a firm buys its labor in a competitive market, then in the short run, a decrease of the demand for the firm's product will cause the firm to
A) offer a higher wage. B) hire fewer workers. C) hire more workers. D) offer a lower wage.
Growth accounting is seen a useful way to estimate this inputs contribution to growth:
A. technology. B. physical capital. C. labor. D. land.
When a low-income nation improves its institutions, so that growth results, one reason the growth may be more rapid than would result from a similar improvement in a developed nation that brings the same amount of added capital per worker to each nation, is that
a. adding capital has constant returns to scale, rather than diminishing returns, in each nation. b. with diminishing returns to scale, and with richer nations starting with more capital per unit labor, the added capital produces smaller increments to production in the higher-income nations. c. wage rates are lower in the low-income nation, and lower-income workers are more productive. d. capital is always more productive in lower-income nations.