Which of the following will lead to an outward shift in the firm's short-run demand for labor?
A) an increase in the price of output
B) less capital per unit of labor
C) a decline in labor productivity
D) a reduction in average consumer income
A
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List the economic functions of governments
What will be an ideal response?
Under a fixed exchange rate system, an increase in Japanese demand for U.S. agricultural goods would
a. cause the U.S. balance of trade to worsen b. increase the supply of yen relative to the dollar c. decrease Japanese demand for dollars d. cause the yen to appreciate e. cause an immediate revaluation of the yen
Which of the following observations concerning GDP calculations is true?
a. Goods and services produced by governments are valued at market price. b. Inventories are treated as if they are yet to be sold. c. Goods produced but not sold during the year are counted in that year's GDP. d. Goods that firms add to their inventories do not count in the GDP.
In terms of duration, how does cyclical unemployment differ from structural unemployment?