Lebron James, basketball player with the Cleveland Cavaliers, signed a contract for roughly $100 million. James would be willing to play for only $100,000 . An economist would argue that James is receiving $900,000 in wage-related rent
Indicate whether the statement is true or false
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A technological advance ________ potential GDP, ________ aggregate supply, and shifts the aggregate supply curve ________
A) decreases; increases; rightward B) decreases; decreases; leftward C) increases; decreases; leftward D) increases; increases; rightward E) increases; increases; leftward
A reason the production possibilities frontier exists is
A) unlimited resources and technology. B) scarcity of resources. C) scarcity of resources and unlimited technology. D) unemployment. E) that people's wants are unlimited.
What are the effects of an increase in the population on potential GDP, the quantity of labor, the real wage rate, and potential GDP per hour of labor?
What will be an ideal response?
The unemployment rate rises any time there is an increase in the number of unemployed
Indicate whether the statement is true or false