What determines the productivity growth rates of a country?
A. Amount of working capital currently available
B. Rates of increase of capital, technology, and workforce quality
C. Current level of gross domestic product
D. Current levels of human capital, physical capital, and technology
Answer: B
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If on-the-job training provides general job skills:
a. the employer will never provide such training. b. the employer will always provide such training. c. the employer may provide such training if it increases workers' wages. d. the employer may provide such training if workers accept a lower wage.
Empirical studies indicate that the velocity of money tends to increase when interest rates rise. Which of the following best explains why this is true?
a. When the velocity of money is high, banks will increase their lending interest rates. b. An increase in the growth rate of GDP will cause the velocity of money to increase. c. The higher interest rates increase the cost of holding money balances and, thereby, increase the velocity of money. d. Both the velocity of money and interest rates will rise when the inflation rate falls.
When hiring additional workers, a firm operating in a perfectly competitive labor market will
A) have to offer higher wages to hire additional workers, but the old workers do not get the higher wage. B) have to offer higher wages to hire additional workers, and the old workers will also receive the new, higher wage. C) be able to hire additional workers without offering higher wages. D) be able to hire additional workers at lower wages because the new workers have been unemployed.
Which of the following is a fixed cost?
A) payment to hire a security worker to guard the gate to the factory around the clock B) wages to hire assembly line workers C) payments to an electric utility D) costs of raw materials