Which of the following could lead to an increase in worker productivity?
a. A decrease in the physical capital stock
b. An increase in the number of workers
c. A war that destroys an enormous amount of plant and equipment
d. An increase in the physical capital stock
e. A decrease in the human capital stock
D
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Prior to the financial crisis and recession which began in 2007, credit for mortgages was ________, creating a ________
A) unavailable to low-income borrowers; large demand for rental properties B) virtually unavailable; housing bubble C) only available to borrowers with high credit scores; shortage of affordable housing D) easily obtained; housing boom
If the price of the good measured along the vertical axis increases without a change in the price of the good measured along the horizontal axis, the consumer's budget constraint:
A) pivots rightward without a change in the intercept on the horizontal axis. B) pivots leftward without a change in the intercept on the horizontal axis. C) shifts to the right. D) shifts to the left.
According to classical economists, government intervention is:
a. necessary to maintain a stable price level in the long run. b. necessary to maintain a stable price level in the short run. c. necessary to maintain full employment in the long run. d. necessary to maintain full employment in the short run. e. not necessary to maintain full employment.
Describe the difference between the employment rate and the labor force participation rate (LFPR). Under what circumstance would the two be equal to one another?