To correct a nominal quantity for changes in the price level, one should:
A. add a price index to it.
B. divide it by a price index.
C. subtract a price index from it.
D. multiply it by a price index.
Answer: B
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The percentage of the people of working age who have jobs is called the ________
A) labor force B) inverse of the unemployment rate C) employment-to-population ratio D) employment-to-working-age-population ratio
If one country's wage level is very high relative to the other's (the relative wage exceeding the relative productivity ratios) then it is probable that
A) free trade will not improve either both countries welfare. B) free trade will result in no trade taking place. C) free trade will result in each country exporting the good in which it enjoys comparative advantage. D) free trade will result in each country exporting the good in which it suffers the greatest comparative disadvantage. E) free trade will not affect the economic welfare of either country.
As you eat a hamburger, there is less and less of it available for someone else to eat. This is the characteristic of nonexclusivity
Indicate whether the statement is true or false
For given inputs of labor and capital, if technology is better, labor productivity will be
a. higher. b. lower. c. unchanged. d. characterized by increasing returns to scale.