Refer to above Table 2-1. What is the level of Gross Domestic Product?
A) 2690
B) 3050
C) 2430
D) 3010
B
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The job finding rate is defined as
A) the probability that someone who has been unemployed for over a year will find a job in the next month. B) the probability that someone who is not in the labor force will enter the labor force in the next month. C) the probability that someone who is employed will change jobs in the next month. D) the probability that someone who is unemployed will find a job in the next month.
In the above figure, Graph D with Capital on the vertical axis and labor on the horizontal axis implies that
A) the marginal product of labor is increasing as more labor is employed. B) the marginal product of labor is decreasing as more labor is employed. C) the capital and labor are perfect substitutes. D) capital and labor have to be employed in fixed proportions.
A recession is always associated with
a. the end of a war. b. slowly growing real GDP. c. rising inflation. d. declining real GDP.
Education's benefit to society is an example of an externality.
Answer the following statement true (T) or false (F)