If adopted by a firm, a labor-augmenting piece of technology is one that would:
A. increase labor supply.
B. decrease labor demand.
C. decrease labor supply.
D. increase labor demand.
Answer: D
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During a recession, the unemployment rate
A) is, by definition, above 25 percent. B) is, by definition, above 10 percent. C) usually increases but not necessarily to 10 percent or 25 percent. D) remains constant. E) usually decreases.
Which of the following is most important for long-run growth and a healthy economy?
a. a low rate of household savings and a high rate of consumption b. a high rate of both savings and consumption c. a high rate of government expenditures financed by borrowing d. high tax rates and budget surpluses
When the home construction industry does poorly due to a recession, this is an example of:
A. risk premium. B. unique risk. C. idiosyncratic risk. D. systematic risk.
Figure 15.2 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. Assume that each swimmer buys only one ice cream cone and that they prefer to buy ice cream from the nearest vendor. If vendor 1 is at A, and vendor 2 is at E, vendor 2 will gain the most customers by moving to:
A. a spot between A and B. B. B. C. C. D. D.