Holding other factors constant, if food prices decline relative to the prices of other products, then the real wages of agricultural workers will ________ and employment of agricultural workers will ________.
A. increase; increase
B. decrease; not change
C. increase; decrease
D. decrease; decrease
Answer: D
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Which of the following is NOT a component of the incomes approach to GDP?
A) net exports B) wages and salaries C) corporate profits D) proprietors' income
If the best lawyer in town is also the best at operating a word processor, then according to economic reasoning, this person should
A) split her time evenly between being a lawyer and a word processor. B) specialize in being a word processor because it is more capital-intensive. C) specialize in being a lawyer because its opportunity cost is lower. D) should pursue the activity she enjoys more.
The link between the productivity of labor and the standard of living is
A) tenuous and changing. B) inverse. C) that over the long run, consumers as a whole can increase their rate of consumption only by increasing labor productivity. D) that over the long run, consumers' rate of consumption is not related to labor productivity. E) that the productivity of labor grows much more erratically than the standard of living.
Every ____________ the U.S. government surveys ______________ of households to gather information about the number of Americans unemployed
A) month; millions B) week; millions C) week; thousands D) month; thousands