What two factors are the keys to determining labor productivity?
A) the business cycle and the growth rate of real GDP
B) the growth rate of real GDP and the interest rate
C) the level of technology and the quantity of capital per hour worked
D) the average level of education of the workforce and the price level
Answer: C
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For a given production possibilities frontier, which points are attainable?
A. Points inside the frontier B. Points outside the frontier C. Points on or outside the frontier D. Points on the frontier only E. Points on or inside the frontier
Structural unemployment is the result of
A) technological change or foreign competition. B) normal labor market turnover. C) a slowdown in the rate of economic expansion. D) irresponsible workers with poor work habits. E) changing weather patterns through the year.
Which of the following will not cause the demand curve for good X to shift?
A) a change in the price of X B) a change in the price of Y, a complement C) a change in the price of Z, a substitute D) an increase in average disposable real income
According to the graph shown, if the market goes from equilibrium to having its price set at $10 then:
A. consumer surplus will decrease from (A + B + C) to (B + C) only.
B. consumer surplus will increase from (A + B + C) to A only.
C. consumer surplus (B + C) will transfer to producers.
D. consumer surplus will decrease by (B + C).