Last year a country had 800 workers who worked an average of 8 hours and produced 12,800 units. This year the same country had 1000 workers who worked an average of 8 hours and produced 14,000 units. This country's productivity was
a. higher this year than last year. A possible source of this change in productivity is a change in the size of the capital stock.
b. higher this year than last year. A change in the size of the capital stock does not affect productivity.
c. lower this year than last year. A possible source of this change in productivity is a change in the size of the capital stock.
d. lower this year than last year. A change in the size of the capital stock does not affect productivity.
c
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Using the data in the above table, in the short-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________
A) 105; $10 trillion B) 110; $10 trillion C) 110; $11 trillion D) 115; $10 trillion
The study of microeconomics and macroeconomics differ in that:
a. microeconomics is concerned with the domestic economy and macroeconomics is concerned only with the international economy. b. microeconomics examines the individual markets of the economy while macroeconomics studies the whole economy. c. microeconomics studies the actions of households and macroeconomics studies the actions of business firms. d. microeconomics examines the whole economy while macroeconomics studies the individual units of the economy.
Economics is the study of
A) how to get rich. B) how people allocate their limited resources to satisfy their unlimited wants. C) how people spend their income. D) why people want certain goods and services rather than other goods and services.
What are two underlying factors affecting input prices? How does a change in input prices affect aggregate supply?
What will be an ideal response?