When a firm uses technological improvements to increase output from the same amount of inputs, the result is
A) a new production function.
B) losses.
C) guaranteed profits.
D) diseconomies of scale.
Answer: A
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Using the information in the table above, calculate the employment-to-population ratio
A) 75 percent B) 65 percent C) 50 percent D) 23.2 percent
The cyclically adjusted budget deficit or surplus measures what the deficit or surplus would be if the economy was
A) in the recession phase of the business cycle. B) in the expansion phase of the business cycle. C) at potential GDP. D) no longer in a business cycle.
The skills, training, and education possessed by workers that contribute to economic growth are known as
What will be an ideal response?
Refer to the information provided in Figure 34.4 below to answer the question(s) that follow.
Figure 34.4Refer to Figure 34.4. If the demand and supply of pounds are D1 and S2, the equilibrium is
A. $2.00 per pound and the quantity is 300 pounds. B. $2.50 per pound and the quantity is 400 pounds. C. 2 pound per $ and the quantity is 400 pounds. D. $1.50 per pound and the quantity is 200 pounds.