A comparison of the average growth rates across time for developed nations indicates that
A) nations with lower levels of income grow more quickly than those with higher levels of income.
B) nations with lower levels of income will never be as rich as nations with high levels of income.
C) nations with high levels of income experience a continuously increasing growth rate.
D) nations with lower levels of income grow more slowly than those with higher levels of income.
A
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In Econland population increased from 1 million to 1. 1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $19,000 per worker per year. Total output in Econland ________ and the average standard of living ________.
A. increased; increased B. decreased; decreased C. increased; decreased D. decreased; increased
"The global financial crisis has had a considerable impact on China's export growth, which will continue to show weakness with recession in the US and Europe," said a report by JP Morgan & Co. If Chinese exports continue to decline, the AE curve will shift __________, the price level will __________ in the short run and real GDP will __________ in the short run.
a) upward; decrease; decrease b) downward; decrease; decrease c) upward; decrease; not change d) downward; decrease; not change
Refer to Figure 7-3. Without the quota, the domestic price of peanuts equals the world price which is $2.00 per pound. What is the quantity of peanuts demanded by domestic consumers in the absence of a quota?
A) 10 million pounds B) 28 million pounds C) 30 million pounds D) 40 million pounds
The cost, c, of a college education that serves only as a signal of a high-quality worker is $20,000. The wage of a known high-quality worker, wh, is $75,000. The wage for a known low-quality worker, w1, is $50,000
For what value of the share of the work force that is of high quality, t, is a pooling equilibrium possible?