Suppose that Alpha's real output rose from $400 billion in year 1 to $428 billion in year 2. Its growth rate for this period was:
A. 14 percent.
B. 12 percent.
C. 9 percent.
D. 7 percent.
D. 7 percent.
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Other things remaining the same, which of the following is likely to happen if an industry introduces a labor-complementary technology in production?
A) There will be a rise in both the wage rate and the employment levels in the industry. B) There will be a fall in both the wage rate and the employment levels in the industry. C) There will be a fall in the wage rate and a rise in the employment levels in the industry. D) There will be a rise in the wage rate and a fall in the employment levels in the industry.
Refer to the Article Summary. The article discusses wealth inequality, and for some people this means a more equitable distribution of wealth is needed in the economy. What is meant by a more equitable distribution of wealth?
A) a more allocatively efficient distribution of wealth B) a more productively efficient distribution of wealth C) wealth distributed based on income levels D) a more fair distribution of wealth
An increase in the average tax rate, with the marginal tax rate held constant, will
A) increase the amount of labor supplied at any real wage. B) not affect the amount of labor supplied at any real wage. C) decrease the amount of labor supplied at any real wage. D) increase the amount of labor supplied at any real wage if the average tax rate is above the marginal tax rate, but decrease the amount of labor supplied at any real wage if the average tax rate is below the marginal tax rate.
The short-run aggregate supply curve is upward-sloping because: a. the quantity of real output supplied is inversely related to aggregate supply
b. nominal incomes are fixed. c. of the conjunction between the incremental capital-output ratio and the interbank offer rate. d. an increase in price will increase the supply of money.