If an economy's population grows at 3 percent and real GDP grows at 3 percent, then:
a. per capita real GDP is declining.
b. the economy's standard of living is increasing.
c. per capita real GDP is negative.
d. per capita real GDP is constant.
e. the economy is experiencing unemployment.
d
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If a hot dog vendor on a street corner experiences an increase in total revenue after lowering the price of a hot dog, then the demand for the hot dogs must be elastic
Indicate whether the statement is true or false
Which of the following is TRUE according to the case study on U.S. / China trade presented in the chapter?
A) China has relative abundance in capital. B) China has relative abundance in skilled labor. C) The United States has relative scarcity in unskilled labor. D) The United States has relative scarcity in capital.
Bob gives up his factory job in order to open a bait-and-tackle shop. The earnings from his factory job represent
a. the hourly wage paid by the shop b. the marginal cost of running the shop c. the average cost of running the shop d. a fixed cost that can vary in the long run e. an implicit cost of opening the shop
If the labor force grows at a faster rate than the number employed, the
a. unemployment rate will fall. b. unemployment rate will rise. c. labor force participation rate will fall. d. employment rate will rise.