A superior level of technology is an important reason the productivity of workers in rich countries is high.
Answer the following statement true (T) or false (F)
True
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Nations that borrow from abroad to support current consumption
A) will always be better off in the future. B) may sacrifice future consumption. C) will always sacrifice future consumption. D) will always sacrifice current consumption.
In an economy, 42 million people are in the labor force, 38 million are employed, and 47 million are of working age. How many people are not in the labor force?
A) 19 percent B) 9 million C) 5 million D) 4 million
If technological change occurs in the economy,
A) the long-run aggregate supply curve will shift to the left. B) we will move up along the long-run aggregate supply curve. C) we will move down along the long-run aggregate supply curve. D) the long-run aggregate supply curve will shift to the right.
Refer to Figure 4-9. What area represents consumer surplus after the imposition of the price floor?
A) A + B B) A + B + E C) A + B + E + F D) A