The achievement of full employment through time will:
A. diminish labor productivity.
B. reduce the level of investment as a percentage of GDP.
C. increase the realized rate of economic growth.
D. have no impact on the rate of economic growth.
C. increase the realized rate of economic growth.
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Recently, banking has become easier with automated teller machines replacing bank tellers. The loss of tellers' jobs is an example of _____
a. cyclical unemployment b. structural unemployment c. frictional unemployment d. underemployment e. voluntary unemployment
If there is an improvement in technology that affects only Aggregate Supply and a nation's wealth falls due to sagging stock market, then:
a. Aggregate demand rises, and aggregate supply falls. b. Aggregate demand and aggregate supply rise. c. Aggregate demand and aggregate supply fall. d. Neither aggregate demand nor aggregate supply change. e. Aggregate demand falls, and aggregate supply rises.
The clear winners from the quota are the ________, and the losers are the ________.
A. domestic producers; domestic consumers B. importers; domestic producers C. domestic consumers; domestic producers D. government; domestic consumers
Each of the following statements about the use of models in the study of economics is true EXCEPT:
A) models fit the observed facts exactly. B) models are sometimes revised in light of new research findings. C) models are easier to manipulate than the reality they represent. D) models contain the essential features of the economic behavior being studied.