Prior to the Great Recession of 2007–2009, labor input in the United States was growing at nearly
A. 1 percent per year
B. 2 percent per year.
C. 2.5 percent per year.
D. 3 percent per year.
Answer: A
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Refer to the scenario above. Thomas's arc elasticity of demand for wine is:
A) -0.33. B) -0.67. C) -0.25. D) -1.
In the Keynesian model consumption is primarily determined by __________ and investment is primarily determined by __________
A) the price level; income B) income; the interest rate C) income; the price level D) the interest rate; income
Number of WorkersUnits of Output001402903126415051656180Refer to the above data. Average product is at a maximum when:
A. two workers are hired. B. four workers are hired. C. three workers are hired. D. five workers are hired.
Which of the following is true?
A. The production possibilities curve indicates that it will be impossible to expand total output with the passage of time. B. As long as resources are scarce, output cannot be increased. C. The size of the economic pie is fixed, and therefore, if one individual has more income, others must have less. D. Over time, the output of goods and services can be increased through human ingenuity and discovery of better ways of doing things.