If the growth rate for GDP was 9 percent and GDP in year 1 was 100, then GDP in year 2 would be:
A. 90.
B. 109.
C. 190.
D. 199.
Answer: B
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Over the last decade, a country experiences a significant increase in labor productivity
a. Draw and label a labor market supply and demand diagram. Show how the equilibrium real wage rate and the equilibrium quantity of labor change as productivity increases. b. Draw and label a production function. Show how potential GDP changes as labor productivity increases.
If MPP is decreasing, total output must be decreasing
Indicate whether the statement is true or false
Refer to the information provided in Figure 2.3 below to answer the question(s) that follow.
Figure 2.3Refer to Figure 2.3. Assume that this society's production possibility frontier is represented by Panel C. The opportunity cost of sailboats in terms of surfboards is
A. decreasing. B. increasing. C. infinite. D. constant.
In the Keynesian model, it is assumed that, when demand for a firm's product changes, the firm:
A. changes prices and production levels to meet demand. B. changes prices to meet the demand. C. changes production levels to meet the demand. D. changes prices, but holds production levels constant, to meet the demand.