Money and income are used interchangeably by noneconomists but mean different things.
Answer the following statement true (T) or false (F)
True
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In the current year, the CPI is 122 and during the previous year the CPI was 115. The inflation rate between these years is
A) -5.7 percent. B) -6.1 percent. C) 6.1 percent. D) 5.7 percent. E) 1.61 percent.
The largest number of individuals of working age in the U.S. population are ________
A) discouraged workers B) unemployed C) employed D) not in the U.S. labor force
Under an infinitely inelastic supply of land, the economic rents to land ________ if the price of land doubles
A) increase by less than 100% B) double C) increase by more than 100% D) none of the above
The short run is not the same length of time for all firms and industries because: a. entrepreneurs have different tastes and preferences
b. the average product of labor varies across industries. c. the life span of capital and the extent of capital specialization will vary across firms and industries. d. The marginal product of capital begins to diminish at different levels of capital utilization across firms.