Which of the following statements is TRUE?
A) A firm cannot increase quantity demand for labor when the wage rate falls without causing the product price to decline.
B) A movement along the market demand curve for labor does not require a change in the product price.
C) A firm can increase quantity demanded for labor when the wage rate falls without affecting the product price but the industry cannot hire more workers without causing the product price to fall.
D) Both a firm and the industry can move down their demand curves for labor without causing product price to change.
C
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Suppose you own some German government bonds that pay you interest every year. This interest is entered into which of the balance of payments accounts?
A) trade account B) interest account C) current account D) capital and financial account E) official settlements account
If labor productivity growth slows down in a country, this means that the growth rate in ________ has declined
A) the quantity of goods or services that can be produced by one hour of work B) nominal GDP C) labor force participation D) the working-age population Article Summary According to the Office for National Statistics in the United Kingdom, productivity in the UK in 2014 was well below the average of the G7 countries, only faring better than Japan. The G7 is a group of the seven most industrialized countries, and includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Compared to the G7 average, the UK was 20% less productive per hour worked, and output was also 20% worse when measured on a per worker basis. The productivity gap was the largest for the UK since estimates began in 1991. Worker productivity was lower in all of the G7 nations in 2014 than it would have been had trends prior to the 2007-2009 recession continued, with the productivity gap of 18 percent in the UK significantly higher than the 7% gap for the other G7 nations. In terms of output per hour worked, the UK was behind Germany, France, and the United States by 32 to 33 percentage points. Source: "UK's poor productivity figures show challenge for government," Guardian, September 18, 2015.
Assume a consumer purchases a combination of goods X and Y such that MUx / ?Px = 20 units of utility per dollar and MUy / Py = 10 units of utility per dollar. To maximize utility, the consumers should buy:
a. neither X nor Y. b. less of both X and Y. c. more of both X and Y. d. more of X and less of Y. e. less of X and more of Y.
According to projections by the U.S. Bureau of the Census, how will the population change between 2012 and 2060?
a. The number of Hispanics will rise substantially. b. The number of blacks will decline slightly. c. The number of whites will remain the same. d. The number of Asians will rise substantially.