Which of the following is NOT the cause of an adverse productivity shock to the labor market?
A) a decline in the quantity of non-labor factors of production
B) a drop in multifactor productivity
C) a decrease in the labor force
D) none of the above
C
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Suppose real GDP is $12.1 trillion and potential GDP is $12.6 trillion. To move the economy back to potential GDP, Congress should
A) lower taxes by an amount less than $500 billion. B) lower taxes by $500 billion. C) raise government purchases by more than $500 billion. D) lower government purchases by $500 billion. E) raise government purchases by $500 billion.
The opportunity cost of attending college is likely to include all except which of the following?
a. the cost of required textbooks b. tuition fees c. the income you forego in order to attend classes d. the cost of haircuts received during the school term
According to the quantity equation, if M increases by 3 per cent and V increases by 2 per cent, then:
A. real income increases by approximately 5 per cent. B. the price level increases by approximately 5 per cent. C. the nominal interest rate increases by approximately 5 per cent. D. nominal income increases by approximately 5 per cent.
A public good
A. costs essentially nothing to produce and is thus provided by the government at a zero price. B. generally results in substantial negative externalities. C. can never be provided by a nongovernmental organization. D. cannot be provided to one person without making it available to others as well.