Which of the following exemplifies a microeconomic question?
A. Is the aggregate output in the economy greater this year than last year?
B. What is the current national rate of unemployment?
C. Is the economy experiencing a decline in the rate of inflation?
D. Will a new type of electronic reader or tablet increase the number of buyers?
Answer: D
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Country A's income per capita is higher than that of Country B. Country A is likely to have ________
A) a higher life expectancy at birth B) a lower life expectancy at birth C) a higher exchange rate D) a higher unemployment rate
Which of the following is an example of a nonrenewable resource?
a. iron b. cotton c. labor d. fish e. electricity
Suppose that an individual has chosen not to work. Then a change in the wage rate:
A. creates a substitution effect, but no income effect. B. creates an income effect, but no substitution effect. C. creates both and income and substitution effect. D. creates neither an income effect nor a substitution effect.
The demand for labor depends on ________ and ________.
A. the rate of price inflation; the price of the output produced B. the supply of labor; the price of output produced C. the supply of labor; the marginal product of labor D. the marginal product of labor; the price of output produced