Upward mobility for those in poverty is
A. Not likely to happen at all because most people live in a caste system.
B. More likely for people in rich nations than in poor nations.
C. Equally likely for people in rich nations and poor nations.
D. More likely for people in poor nations than in rich nations.
Answer: B
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If the slope of the per-worker production function is 1/2 in a given range, how will a $10,000 increase in capital per hour worked affect real GDP per hour worked in the same given range?
A) Real GDP per hour worked will increase by $10,000. B) Real GDP per hour worked will increase by $5,000. C) Real GDP per hour worked will increase by $20,000. D) Real GDP per hour worked will decrease by $20,000.
Typically, as an economy begins to emerge from a recession,
A) unemployment falls immediately. B) inflation begins to fall. C) unemployment continues to rise. D) investment begins to fall.
Which of the following statements is (are) correct? There is agreement between the Keynesians and monetarists that
a. an increase in aggregate demand will increase both output and price in the short run. b. there is a trade-off between inflation and unemployment in the short run. c. in the long run, when the expected price level also has time to adjust, output will not be affected by changes in aggregate demand. d. All of the above e. None of the above
If a profit-maximizing firm is a price taker in both the input and output markets, its marginal revenue product of labor is given by
a. the price of its output times labor's marginal physical productivity. b. the marginal value product of labor. c. the marginal revenue product of capital times the ratio of the wage rate to the rental rate on capital. d. all of the above.