In Econland population increased from 1 million to 1.1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $19,000 per worker per year. Total output in Econland ________ and the average standard of living ________.
A. increased; increased
B. increased; decreased
C. decreased; decreased
D. decreased; increased
Answer: A
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Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the unemployment rate is approximately
A) 4.2 percent. B) 6.1 percent. C) 7.5 percent. D) 8.0 percent.
Central bank independence ________
A) is receding as democratic movements gain influence around the world B) is correlated with relatively high unemployment C) remains an obstacle to policy transparency D) is the norm in a growing number of countries
The main function of the Federal Reserve System is to:
A. supervise the operation of member banks. B. control the money supply. C. serve as the fiscal agent for the federal government. D. clear checks from member banks.
The relocation of production that was once done in the U.S. to foreign nations is called
A. insourcing. B. outsourcing. C. technological change. D. unfair trade.