If economic output is increased by increasing the number of people working in the economy, then
a. both GDP per capita and labor productivity will increase.
b. both GDP per capita and labor productivity will decrease.
c. GDP per capita will increase.
d. Labor productivity will increase.
c
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When the aggregate demand curve shifts rightward, the price level ________ and the unemployment rate ________
A) decreases; increases B) decreases; decreases C) increases; decreases D) does not change; does not change E) increases; increases
Refer to the figure above. Domestic producers of this product in A would most prefer
A) a customs union with C. B) a customs union with B. C) a free trade agreement with both B and C. D) no agreement with either country.
An economic model can be described as
a. an abstract representation of reality b. a detailed description of some economic phenomenon c. something that is often more complex than the real-world phenomenon it represents d. a vehicle for making positive economic statements e. a vehicle for making normative economic statements
If a foreign currency is quoted in American terms (the direct quote) and the forward rate for a foreign currency is less than the spot rate, the foreign currency is selling at a ________.
A) forward premium B) backward discount C) backward premium D) forward discount