Potential GDP measures the capacity of the economy in terms of the actual goods and services to be produced
Indicate whether the statement is true or false
TRUE
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When the Federal Reserve sells $100 worth of government securities, bank reserves
A) rise by $100. B) rise by $100 times the deposit expansion multiplier. C) fall by $100. D) fall by $100 times the deposit expansion multiplier.
A disagreement involving two or more unions over which should have control over a particular firm or industry is
A) a closed shop. B) a union shop. C) a jurisdictional dispute. D) an industrial union.
The individual supply curve for labor is the relationship between the wage and the quantity of labor that:
A. all workers are willing to provide. B. any given worker is willing to provide. C. all firms are willing to employ. D. any given firm is willing to employ.
The value of marginal product of labor is the change in
A) profit from hiring one more worker. B) output from hiring one more worker. C) total revenue from hiring one more worker. D) profit from producing one more unit of output.