In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $30,000; $30,000
B. $24,000; $24,000
C. $30,000; $24,000
D. $24,000; $30,000
Answer: D
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A. around 10% for workers of all income levels. B. roughly 3% for high-income earners and negative for low-income earners. C. more than 10% for high-income earners. D. roughly 3% for low-income earners and negative for high-income earners.
If the poverty threshold is set at 60 percent of median income, and if median income were $20,000 . then people in poverty earn less than
a. $32,000 b. $20,000 c. $12,000 d. $6,000 e. $24,00
A normal good is a good whose quantity demanded
A. rises when its price falls. B. falls when the price of a related good falls. C. falls when the consumer’s total utility rises. D. rises when the consumer’s real income increases.
Net migration can help fuel population growth which, in turn, provides a positive incentive for businesses to expand production and employment
Indicate whether the statement is true or false