If labor productivity in a steel mine is 3.5 tons per worker, then 400 steel workers with a fixed amount of capital produce
A. 87.5 tons.
B. 1,400 tons.
C. 1,750 tons.
D. 4,000 tons.
Answer: B
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Efficiency wages, above equilibrium minimum wage rates, and higher union wages are likely to
A) reduce the equilibrium real wage rate. B) decrease the natural unemployment rate. C) increase the equilibrium real wage rate. D) increase cyclical unemployment. E) increase the natural unemployment rate.
One effect of the work requirements of welfare reform has been
a. to make the demand curve for welfare upward sloping b. to lower the "price" of welfare to recipients c. to make the supply curve of welfare upward sloping d. to reduce the amount of hassle involved with going on welfare e. to raise the "price" of welfare to the recipients
Higher prices
a. are always against the public interest. b. may sometimes serve the public interest. c. should never be allowed. d. occur automatically for abundant goods.
If the U.S. government went from a budget deficit to a budget surplus then
a. the interest rate and the real exchange rate would increase. b. the interest rate and the real exchange rate would decrease. c. the interest rate would increase and the real exchange rate would decrease. d. the interest rate would decrease and the real exchange rate would increase.