If average labor productivity in two countries is the same, average living standards will be lower in the country with:
A. the smaller population.
B. the lower share of population employed.
C. the larger population.
D. the higher share of population employed.
Answer: B
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Which of the following will tend to cause an increase in technology?
A) increases in human capital B) an increase in research and development expenditures C) the development of new ideas D) all of the above
The price for labor is the wage rate. What happens to the supply of labor if wages increase?
a. It increases. b. It decreases. c. It does not change. d. Uncertain-economic theory has no answer to this question.
Nominal GDP will increase
A) only if the price level rises. B) only if the price level falls. C) only if the quantity of final goods and services produced rises. D) if either the price level or the quantity of goods and services produced rises.
Workers who take a job related training course are enhancing their human capital.
Answer the following statement true (T) or false (F)