If the per-worker production function shifts up
A) it now takes more capital per hour worked to get the same amount of real GDP per hour worked.
B) the per-worker production function becomes flatter.
C) an economy can increase its real GDP per hour worked without changing the level of capital per hour worked.
D) negative technological change has occurred in the economy.
C
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Actual real GDP will be above potential GDP if
A) inflation is rising. B) firms are producing below capacity. C) firms are producing at capacity. D) firms are producing above capacity.
The shares of the economic value of a particular transaction that accrues to the seller and the buyer depend on:
a. the buyer's opportunity cost. b. the relative bargaining powers of the two parties. c. the cost of production incurred by the seller while producing the good. d. the lobbying techniques adopted by the two parties.
The largest component of household consumption spending is expenditures on
a. services b. durable goods c. nondurable goods d. food e. transportation
When health insurance is purchased primarily through one's employer,
a. direct purchase of health insurance becomes cheaper. b. the benefits of the healthcare insurance are fully taxable. c. it is more costly for employees to switch jobs and move to areas where jobs are available. d. the overall number of people without health insurance decreases.