The only way the standard of living of the average person in a country can increase is if ________ increases faster than ________
A) production; population
B) population; GDP per capita
C) population; production
D) population; income
Answer: A
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In the DMP model, a decrease in productivity
A) decreases the unemployment rate. B) reduces the vacancy rate. C) increases the unemployment rate. D) increases the size of the labor force.
Which of the following is not a common response to the moral hazard problem that employers face?
a. offering all employees some funding for additional education b. paying efficiency wages c. requiring employees to provide itemized receipts for reimbursable expenses d. paying year-end bonuses rather than higher monthly earnings
A current account deficit in a nation's balance of payments accounts implies that
a. imports are equal to exports. b. exports exceed imports. c. expenditures are more than income. d. income is more than expenditures.
Which of the following situations would cause a period of stagflation at a later point in time?
A. A recessionary gap B. A reduction in investment spending C. An increase in technological development D. An inflationary gap