Wages that are higher than the current market wage:
A) reduce the cost of production of various goods. B) lower the aggregate price index.
C) dissuade workers from shirking. D) lower the productivity of workers.
C
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The difference between actual real GDP and potential GDP
a. decreases as the unemployment rate rises. b. increases as the unemployment rate rises. c. increases as the employment rate rises. d. decreases as the labor force increases.
Which of the following is a property of typical indifference curves?
a. Indifference curves usually intersect. b. Indifference curves have positive slopes. c. Indifference curves are downward sloping and always linear. d. Indifference curves are usually bowed in toward the origin.
What are the three main conclusions that can be drawn from an analysis of growth rates for developed countries?
What will be an ideal response?
Assume the graph shown represents the market for bottles of wine and was originally in equilibrium with D and S. Something changes and demand shifts to D2. Which of the following is true?
A. Equilibrium quantity increased by 20. B. Equilibrium price increased by $5. C. Equilibrium quantity increased by 30. D. Equilibrium price increased by $15.