Which of the following is likely to increase the productivity of workers in an economy?
A) The discovery of an oil field
B) An increase in the number of years of training that each worker receives
C) An increase in the aggregate price level
D) An increase in the labor force participation rate in the economy
B
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The last time a recession hit the country of Valtonia, the price of real estate fell significantly. When Craig learns that this country's stock market has crashed, he immediately decides to sell his houses. This is an example of the theory of _____
a. absolute advantage b. rational expectations c. adaptive expectations d. sticky wages
For a wheat farmer in the middle of harvesting system, a fixed input would be
A. the land that had been planted. B. trucks rented to haul the wheat. C. workers hired. D. combines rented.
Which of the following is not a type of time lag regarding monetary and fiscal policy?
A. reorganization lag B. recognition lag C. response lag D. implementation lag
Assume an economy produces only footballs and baseballs and the base year is 2005. Quantity producedPrices 2005200620052006Footballs200300$20$25Baseballs500600$10$15Given the data in the table above, what is the value of real GDP in 2006?
A. $12,500 B. $10,000 C. $ 9,000 D. $12, 000