In Econland population and average labor productivity are constant. If a larger proportion of the population becomes employed workers, then total output will ________ and output per person will ________.
A. decrease; decrease
B. remain constant; remain constant
C. decrease; remain constant
D. increase; increase
Answer: D
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If the world price for good A is below the domestic price for good A without trade, then consumer surplus will ________ and producer surplus will ________ with trade.
A. decrease; decrease B. increase; decrease C. increase; increase D. decrease; increase
Counting part-time workers who are looking for full-time work as employed overstates the degree of joblessness in the economy
Indicate whether the statement is true or false
How and why did Europe set up its single currency?
What will be an ideal response?
Input-output analysis is commonly used in production decisions
a. True b. False Indicate whether the statement is true or false