Output per worker is defined as
a. resource productivity
b. the output-worker ratio
c. labor productivity
d. worker's GDP
e. productive consumption
C
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The income elasticity of demand is ________ for a normal good and ________ for an inferior good
A) positive; positive B) positive; negative C) negative; positive D) negative; negative
If the prices would have been much higher ten years ago for the items the average consumer purchased last month, then one can likely conclude that
A) the aggregate price level has declined during this ten-year period. B) the average inflation rate for this ten-year period has been positive. C) the average rate of money growth for this ten-year period has been positive. D) the aggregate price level has risen during this ten-year period.
Refer to Figure 16.1. A decrease in the real price of capital goods is best represented by a movement from
A) point A to point B. B) point B to point A. C) point A to point C. D) point C to point A.
Maryann and Don want to open their own deli. To do so, Maryann must give up her job, at which she earns $20,000 per year, and Don must give up his part-time job, at which he earns $10,000 per year. They must liquidate their money market fund, which earns $1,000 interest annually. The rent on the building is $10,000 per year, and expenses for such necessities as utilities, corned beef, and pickles
are $35,000 annually. What minimum amount of revenue per year would make it worthwhile, financially, for Maryann and Don to operate the deli? a. $10,000 b. $35,000 c. $45,000 d. $31,000 e. $76,000