Which of the following events at an automobile manufacturing plant would most likely cause the movement from S 1 to S 2 ?
a. Hundreds of additional workers were hired to staff a new shift.
b. Millions of dollars were invested to expand and outfit the new facility.
c. Amenities in the plant included onsite child care, a gym, and a health clinic.
d. Many workers were laid off when some plant operations were automated.
d. Many workers were laid off when some plant operations were automated.
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In Macroland, 500,000 of the 1 million people in the country are employed. Average labor productivity in Macroland is $20,000 per worker. Real GDP per person in Macroland totals:
A. $10,000. B. $1,000. C. $40,000. D. $15,000.
Consider a two-input production function, one of which is increasing while the other is fixed. At the point of diminishing returns, output will
A) increase at an increasing rate. B) decrease at a decreasing rate. C) decrease at an increasing rate. D) increase at a decreasing rate.
When a $10 check written on the First National Bank of Chicago is deposited in an account at Citibank, then
A) the liabilities of the First National Bank increase by $10. B) the reserves of the First National Bank increase by $ 10. C) the liabilities of Citibank increase by $10. D) the assets of Citibank fall by $10.
Which of the following groups would be considered suppliers in the labor market?
a. Government agencies b. Firms c. Households d. Stockholders e. Landlords