A rapid increase in the number of workers, other things the same, is likely in the short term to
a. raise real GDP per person, but decrease real GDP.
b. decrease both real GDP and real GDP per person.
c. raise both real GDP and real GDP per person.
d. raise real GDP, but decrease real GDP per person.
d
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When marginal private benefit is equal to marginal private cost,
A. the activity in question generates no negative externality. B. all negative externalities have been internalized. C. all positive externalities have been internalized. D. all of the above E. a or b
To calculate the growth rate of a variable, you will
A) calculate the percentage change from one time period to the next. B) calculate the difference between the two variables. C) add the ending value to the beginning value. D) divide the increase by the number of time periods.
Refer to Figure 11.2. Assume the economy is in equilibrium at 1, where real GDP equals potential GDP, and then the economy experiences a positive demand shock. Other things equal, the positive demand shock is best represented by a(n)
A) movement up along the Phillips curve. B) movement down along the Phillips curve. C) upward shift of the Phillips curve. D) downward shift of the Phillips curve.
In 2001, women in most occupations earned ________ of what males in the same occupation earned
a. less than 30 percent b. about 50 percent c. about 70 percent d. about 90 percent