An increase in human capital would lead to
a. a decrease in the standard of living
b. an upward shift of the production function
c. a decrease in productivity
d. cutbacks in government skill-training programs
e. a decrease of the capital stock
B
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Suppose that a jewelry store found that when it increased prices by 10 percent, sales revenue increased by 3 percent. Which of the following is true about the price elasticity of demand for the store's goods?
A. Demand is perfectly inelastic. B. Demand is inelastic, but not perfectly. C. Demand is perfectly elastic D. Demand is elastic, but not perfectly.
The long-run average cost curve shows
A) the lowest average cost of producing every level of output in the long run. B) where the most profitable level of output occurs. C) the average cost of producing where diminishing returns are not present. D) the plant size or scale that the firm should build.
U.S. casinos serve about ________ people per year.
A. 5 million B. 76 million C. 250 million D. 1 million
In a country with a working-age population of 30 million, 18 million are employed, 2 million are unemployed, and 2 million of the employed are working part-time, half of whom wish to work full-time. If 1 million of those unemployed are cyclically unemployed, what is the natural unemployment rate?
A) 5 percent B) 11.1 percent C) 5.6 percent D) 6.7 percent E) none of the above