An increase in labor productivity ________ the real wage rate and an increase in population ________ the real wage rate
A) raises; lowers
B) raises; raises
C) lowers; lowers
D) lowers; raises
A
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The short-run Phillips curve is
A) U-shaped. B) vertical at the natural unemployment rate. C) upward sloping. D) downward sloping. E) horizontal at the expected inflation rate.
The optimal number of units to produce is best expressed when
A. marginal benefit exceeds marginal cost. B. marginal cost exceeds marginal benefit. C. marginal benefit and marginal cost are close to equal. D. marginal benefit and marginal cost are equal to zero.
What is an opportunity cost?
What will be an ideal response?
The change in the quantity demanded of gas because of increasing gas prices over the last decade:
A. was more elastic than it has been in the last six months. B. was less elastic than it has been in the last six months. C. has been relatively the same over both time periods. D. has become a non-issue for people now that they are used to higher gas prices.