When incorporating labor-augmenting technological change into the Solow growth model, the focus is on
A) capital per worker and output per worker.
B) capital per effective worker and output per worker.
C) capital per worker and output per effective worker.
D) capital per effective worker and output per effective worker.
D
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Say's law argues that
I. overproduction is typical in a market economy. II. supply creates its own demand. A) I only B) II only C) Both I and II D) Neither I nor II
Refer to Figure 13-17. What is the productively efficient output for the firm represented in the diagram?
A) Qf units B) Qg units C) Qh units D) Qj units
The long run in macroeconomics is a period in which wages and prices are flexible and there is full market adjustment.
a. true b. false
Suppose the wage rate in the labor market is $15 and the demand for labor decreases. If wages are sticky
A. wages decrease to eliminate the surplus. B. unemployment decreases. C. unemployment increases. D. unemployment stays the same.