The growth of the labor force and the growth of labor productivity help determine the rate of GDP growth
a. True
b. False
Indicate whether the statement is true or false
True
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Compound interest is:
A. the payment of interest on the original deposit. B. the payment of interest on both the original deposit and all accumulated interest. C. the interest rate adjusted for the rate of inflation. D. the real rate of interest compounded by the rate of inflation.
The equilibrium output produced by a monopolistic competitor in the long run after the entry of new firms is ________
A) higher than the equilibrium output produced by the firm before the entry of new firms B) lower than the equilibrium output produced by the firm before the entry of new firms C) higher than the equilibrium output produced by a perfectly competitive firm in the long run D) equal to the equilibrium output produced by the firm before the entry of new firms
What do economists mean by the term "sticky wage"?
A. It refers to the reluctance by employers to increase nominal wages during an inflationary period. B. It refers to a wage that is slow to adjust to its equilibrium level, creating sustained periods of shortage or surplus in the labor market. C. It refers to a breakdown in wage negotiations between employers and employee unions. D. It refers to a union negotiated wage.
Good A has a price elasticity of demand of .27, while good B has a price elasticity of demand of 2.9. To raise the most tax revenue, the government should:
A. place a unit tax on good A. B. place a unit tax on good B. C. raise the price elasticity of demand for good A. D. subsidize the production of good B.