When El Torito Restaurant is deciding how many waiters to hire for a holiday weekend, it is making a ________ decision.
A. short-run
B. long-run
C. fixed-input
D. plant-size
Answer: A
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If the stock of physical capital (that is machinery, equipment, etc.) and human capital remain the same and the population increases, then
A) labor productivity will increase. B) labor productivity will decrease. C) the standard of living will increase. D) the new labor will be more productive. E) real GDP decreases.
All but one of the following statements is used to justify protectionism. Which statement is not used to justify protectionism?
A) Free trade reduces employment by driving domestic firms out of business. B) Free trade leads to higher prices for imported goods. C) Trade restrictions are necessary to protect new firms until they can gain experience and become more productive. D) A country should not rely on other countries for goods that are critical to its national defense.
The most appropriate type of labor market to analyze
a. is the world market b. is the national market c. is a regional market d. is a local market e. depends upon the purpose of the analysis
Real GDP per person in Northland is $30,000, while real GDP in Southland is $10,000, However, Northland's real GDP per person is growing at 1 percent per year, and Southland's real GDP per person is growing at 3 percent per year. If these growth rates persist indefinitely, then:
A. Northland's real GDP per person will always be between 1 and 2 percent greater than Southland's. B. Northland's real GDP per person will decline until it equals Southland's. C. Southland's real GDP per person will eventually be greater than Northland's. D. Southland's real GDP per person will always be exactly 2 percent less than Northland's.