Which of the following mathematical statements is correct
a. Total Output=Productivity x Average Hours x the employment-population ratio x Population
b. Total Output=Productivity / Average Hours x the employment-population ratio / Population
c. Total Output=Productivity + Average Hours + the employment-population ratio + Population
d. Total Output=(Productivity x Average Hours) / (the employment-population ratio x Population)
e. Total Output=Productivity x Average Hours x the employment-population ratio
A
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This Application addresses the concept of
A) inflation and the housing boom. B) the dangers of high interest rates. C) increases in consumer wealth. D) the down-side of leverage.
If a good is Giffen and its price increases,
a. the income effect will be positive and the substitution effect will be positive. b. the income effect will be negative and the substitution effect will be negative. c. the income effect will be positive and the substitution effect will be negative. d. the income effect will be negative and the substitution effect will be positive.
Assuming a fixed exchange rate, a decrease in U.S. prices relative to European prices will:
a. decrease European exports to the United States. b. increase U.S. imports from Europe. c. decrease aggregate spending in the U.S. d. not affect U.S. exports or imports. e. raise the purchasing power of U.S. consumers.
The most basic investigative tool of economics is the
a. concept of scarcity. b. mechanism of supply and demand. c. coordination and trade syndrome. d. inflation-unemployment trade-off. e. regulation of business.