Which of the following is generally considered a desirable outcome of government intervention when expanding the economy?
A. A higher price level.
B. Higher unemployment rates.
C. More jobs.
D. Greater deficits.
Answer: C
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Marginal physical product of labor measures the
a. quantity of output produced by hiring workers b. change in output generated by hiring an additional worker c. change in revenue generated by hiring an additional worker d. change in cost generated by hiring one additional worker e. change in labor productivity generated by a change in capital employed
What type of relationship exists between expected future income and consumption?
A. Positive B. Indirect C. Constant D. Negative
Billy is deciding whether to watch TV at home or go spend time with his friends. If Billy decides to stay home, we can conclude that:
A. Billy will get more utility from watching TV than spending time with his friends. B. Billy's revealed preference is to always be alone. C. Billy is a homebody and never goes out. D. Billy will regret not spending more time with his friends.
Which of the following would shift a nation's production possibilities frontier outward?
A) discovering a more efficient process to desalinate water B) an increase in the minimum wage C) a decrease in the unemployment rate D) more restrictive immigration policies