Which of the following will NOT shift an economy's production possibilities curve outward?
A. an increase in technology
B. an improvement in the literacy rate
C. a reduction in the unemployment rate
D. an increase in the number of workers available
C. a reduction in the unemployment rate
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Refer to the above table. Suppose the price of the good sold is $3 and the marginal factor cost of labor is $300, how many units of labor will the firm hire?
A) 4 B) 5 C) 6 D) 3
When Ia > Ii, unwanted inventories
a. fall, causing both employment and national income to rise b. fall, causing both employment and national income to fall c. rise, causing both employment and national income to fall d. rise, causing both employment and national income to rise e. do not change and unemployment and national income do not change
Efficiency is consistent with
A) maximizing net benefits. B) equating marginal benefits and marginal costs. C) maximizing total benefits. D) minimizing total costs. E) a and b
Time series data should be stored:
A. with the earliest time period listed as the first observation, and the most recent time period as the last observation. B. with the earliest time period listed as the last observation, and the most recent time period as the first observation. C. with the time period in which the concerned variable takes the highest value listed as the first observation, and the time period in which the concerned variable takes the lowest value as the last observation. D. with the time period in which the concerned variable takes the lowest value listed as the first observation, and the time period in which the concerned variable takes the highest value as the last observation.