Which will NOT increase the average productivity of labor?
A. An increase in the size of the labor force.
B. An increase in the stock of real capital.
C. Improvements in the education and health of the labor force.
D. Technological progress as reflected in more efficient capital goods.
Answer: A
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One dollar could be exchanged for 55 rupees in 2013 and for 60 rupees in 2014. This implies that the:
A) real exchange rate did not change in 2014. B) dollar appreciated in 2014. C) nominal exchange rate did not change in 2014. D) rupee appreciated in 2014.
The McKinley Tariff of 1890 marked the beginning of the American move toward free trade
Indicate whether the statement is true or false
Sue is taking an accounting job she was offered that pays $67,000 per year. She also had two other offers, a sales job paying $71,000 per year and a marketing job paying $65,000 per year. What is Sue's opportunity cost of taking the accounting job?
A) $65,000 B) $67,000 C) $71,000 D) $136,000
The production possibilities curve demonstrates the basic economic principle that:
a. market-based economies are more efficient. b. supply will determine demand in the economy. c. the production of more capital goods this year will cause the economy to produce less consumption goods next year. d. to produce more of any one thing, assuming full employment, the economy must produce less of something else. e. to produce more consumption goods this year requires the production of more capital goods this year.