A steep slope in a time-series graph means the variable is
A) high.
B) falling.
C) rising or falling quickly.
D) rising or falling slowly.
E) very close to its trend point.
C
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In Macroland, 500,000 of the 1 million people in the country are employed. Average labor productivity in Macroland is $20,000 per worker. Real GDP per person in Macroland totals:
A. $10,000. B. $1,000. C. $40,000. D. $15,000.
When a firm increased its output by one unit, its AC decreased. This implies that
A) MC < AC. B) MC = AC. C) MC < AFC. D) the law of diminishing returns has not yet taken effect.
Monetary and price instability will
A) encourage domestic citizens to increase their rate of saving. B) encourage businesses to invest and expand their future output. C) make it easier for both individuals and businesses to plan wisely for the future. D) generate uncertainty, and encourage investors and businesses to move their activities to countries with a more stable monetary environment.
The total earnings of a worker are represented by E = 100 + $10(24 ? L), where E is earnings and L is the number of hours of leisure. How many hours of leisure are consumed if this worker's total earnings are $160?
A. 18 hours B. 10 hours C. 16 hours D. 12 hours