If the rate of technical progress decreases, then the growth
a. of the labor force will decrease.
b. of the capital stock will decrease.
c. rate of potential GDP will decrease.
d. rate of unemployment will decrease.
c
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Which of the following is an example of a black market transaction? Annie rents an apartment ______.
Fill in the blank(s) with the appropriate word(s).
The movement of workers from lower productivity jobs to higher productivity jobs would be an example of:
A. network effects. B. technological advance. C. simultaneous consumption. D. improved resource allocation.
Opportunity cost is
A. the additional cost incurred from the consumption of one more unit of output. B. the cost of production which cannot be recaptured. C. the cost involved when choosing between alternatives. D. the total cost incurred from the consumption of additional output.
Giving the store clerk a $20 bill for a sweater priced at $20 is an example of money serving as a
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred value.