In Econland population and average labor productivity are constant. If a larger proportion of the population becomes employed workers, then total output will ________ and output per person will ________.

A. increase; increase
B. decrease; remain constant
C. decrease; decrease
D. remain constant; remain constant


Answer: A

Economics

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If demand is elastic and the price of a product decreases by 10 percent, then

A) the change in quantity demanded is less than 10 percent. B) the change in quantity demanded is equal to 10 percent. C) the change in quantity demanded is greater than 10 percent. D) the decrease in quantity demanded is greater than 0 percent.

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When the price of running shoes goes from $100 to $80, the quantity demanded increases from 20 to 30 million. Over this price range, the absolute value of the price elasticity of demand is

a. 0.55. b. 1. c. 1.25. d. 1.80. e. 2.50.

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The personal computer operating systems industry can be best modeled using the model of

A. oligopoly. B. monopolistic competition. C. perfect competition. D. monopoly.

Economics