The physical and mental talents people bring to production processes comprise the resource called
A) entrepreneurship.
B) natural resources.
C) capital.
D) labor.
D
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Describe how each of the following changes would affect the equilibrium in the labor market in terms of the level of the real wage and quantity of employment in equilibrium:
(a) Increased immigration leads to higher labor supply at each real wage (b) The effort curve makes a parallel shift upward (c) Labor productivity increases (that is, the marginal product of labor increases at each level of employment).
The CPI in 1931 equaled 0.15. The CPI in 1932 equaled 0.14. The rate of inflation between 1931 and 1932 was ________ percent.
A. 6.7 B. -6.7 C. -7.1 D. 1.4
Disposable income is not:
A. the amount consumers have to spend on goods and services. B. income before tax. C. what consumers base their buying decisions on. D. total income minus taxes.