Economic growth is measured by
A) increases in the population.
B) increases in GDP.
C) increases in per capita real GDP.
D) increases in the value of the total output of society.
C
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Unions have generally been far more successful in organizing and raising wages in skilled trades such as carpentry than in unskilled trades. Use the laws of derived demand to explain why
What will be an ideal response?
Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. Has Tom made the best decision?
A. Yes, because he's earning an accounting profit of $35,000. B. No, because he's earning an economic profit of $6,000. C. Yes, because his accounting profit is larger than his economic profit. D. No, because his accounting profit is larger than his economic profit.
Which one of the following persons would be classified as unemployed by the Bureau of Labor Statistics?
What will be an ideal response?
Refer to the figure at right. Moving from point A to point B indicates