Refer to Table 7.1. What is the average product of the 5th worker?
A. 4.4 units of output
B. 1.17 units of output
C. 6 units of output
D. 17 units of output
A. 4.4 units of output
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Discouraged workers are ________ in the unemployment rate, and this tends to ________ the unemployment rate
A) counted; overstate B) counted; understate C) not counted; overstate D) not counted; understate
Which of the following would be directly counted in U.S. GDP for 2015?
A) a 2015 Mini Cooper, built in Oxford, England, and sold to a computer programmer in San Jose, California B) a 1957 Chevy Bel Air convertible sold by its original owner to a car collector in Nashville on March 1, 2015 C) a 2015 Harley-Davidson Softail Deluxe, built in Pennsylvania, and sold to a kindergarten teacher in Moose Jaw, Saskatchewan, Canada D) a Tesla car battery, built in 2014 in California, to be installed in a new 2015 Tesla Model S
In the 1990's Ireland made unemployment benefits less generous. This change would likely have reduced
a. both structural unemployment and the natural rate of unemployment. b. structural unemployment but not the natural rate of unemployment. c. both frictional unemployment and the natural rate of unemployment. d. frictional unemployment but not the natural rate of unemployment.
Incentive-based regulatory approaches:
A. are viewed favorably by most economists as a way to control pollution. B. provide less flexibility than the command-and-control approach. C. tend to hurt wealthier people more than poor people. D. require that the government specify certain types of pollution control technology that firms must adopt.