When economists refer to labor, what type of workers are they referring to?
What will be an ideal response?
Labor is used broadly to include a wide variety of workers. They include blue collar and white collar workers in all industries, professionals such as lawyers, physicians, and business executives, and small business owners (including barbers, plumbers and others).
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Suppose an economy has the following production function: Y = A × K1/4 × H3/4. Which of the following is true of this economy?
A) Production in this economy exhibits increasing returns to scale. B) Production in this economy exhibits decreasing returns to scale C) Production in this economy exhibits constant returns to scale. D) Production in this economy decreases when the price level increase.
The quantity of money demanded is positively related to the interest rate
Indicate whether the statement is true or false
Under a system of marketable pollution permits, the government:
A. chooses a level of pollution. B. distributes permits to polluting firms. C. allows firms to trade permits. D. All of these
Refer to the diagram, in which Q f is the full-employment output. If aggregate demand curve AD 1 describes the current situation, appropriate fiscal policy would be to:
A. increase taxes and reduce government spending to shift the aggregate demand curve
rightward to AD 2 .
B. reduce taxes on businesses to shift the aggregate supply curve leftward.
C. reduce taxes and increase government spending to shift the aggregate demand curve from AD 1 to AD 2 .
D. do nothing since the economy appears to be achieving full-employment real GDP.