In Econland population increased from 1 million to 1.1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $18,000 per worker per year. Total output in Econland ________ and the average standard of living ________.
A. decreased; increased
B. increased; increased
C. increased; decreased
D. decreased; decreased
Answer: C
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The formula of the equation of exchange is
A) MS = VPY. B) MSV = PY. C) MS/P = Y. D) MS = Y.
A price ceiling set above the equilibrium price will cause which of the following?
A) an increase in supply B) a surplus C) a shortage D) no effect on either the price or quantity
If a small country imposes a tariff on an imported good, domestic sellers will gain producer surplus, the government will gain tariff revenue, and domestic consumers will gain consumer surplus
a. True b. False Indicate whether the statement is true or false
What does it mean when the dollar appreciates? What does it mean when the dollar depreciates?
What will be an ideal response?