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Question
Over the last decade, a country experiences a significant increase in labor productivity.a. Draw and label a labor market supply and demand diagram. Show how the equilibrium real wage rate and the equilibrium quantity of labor change as productivity increases.
b. Draw and label a production function. Show how potential GDP changes as labor productivity increases.
Answer
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Related questions
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Scarcity results from the fact that
A) people's wants exceed the resources available to satisfy them.
B) not all goals are desirable.
C) we cannot answer the major economic questions.
D) choices made in self-interest are not always in the social interest.
E) the population keeps growing.
Q:
Why does scarcity lead to the what, how, and for whom questions?
Q:
Choices that are best for the society as a whole are choices in pursuit of
A) answering the "how" question.
B) the social interest.
C) self-interest.
D) incentives.
E) answering the "for whom" question.
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A) What type of health care will be produced and in what quantity?
B) How will health care be produced?
C) For whom will health care be produced?
D) Why will we offer health care?
E) Must we offer health care?
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Q:
When unskilled teens earn less than college graduates, society answers the ________ question.
A) how
B) what
C) for whom
D) why
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Q:
When the federal government decides to pay senators more than it pays soldiers, it answers the ________ question.
A) why
B) how
C) for whom
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Q:
The figure above shows the relationship between the journey length and the cost of trip per mile. The curve becomes flatter because as the journey length increases,A) the fall in the cost per mile becomes smaller.B) the fall in the cost per mile becomes greater.C) the cost per mile decreases.D) the cost per mile increases.E) the cost per mile remains unchanged.
Q:
Of the three major economic questions, which of the following is the best example of a "How?" question?
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B) Should we collect tolls on turnpikes using human toll collectors or mechanized toll machines?
C) Should we build log homes or build factories from bricks?
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E) Should we eat more oatmeal?
Q:
The relationship between distance traveled in five hours and speed shown in the figure above isA) positive.B) negative.C) inverse.D) cross-sectional.E) multilateral.
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When a home builder decides to computerize all of its production schedules, it directly answers the ________ question.
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Q:
In New York City, when he was the mayor Michael Bloomberg recommend that the city, with the help of private donors, make cash payments to poor and underprivileged parents who can certify that their children are attending school on a regular basis. The payments would start after third grade and go through high school, rising each year as dropout rates get higher and a child's forgone earning potential is higher. What economic concept does this policy represent?
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A) what
B) why
C) for whom
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Which of the following scenarios describes an action that is NOT rational from an economic point of view?
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B) Eric buys a replacement ticket to the basketball game after he realizes that he accidentally left his original ticket at home.
C) Emily chooses to attend a social event on Tuesday night instead of studying even though she has an important exam on Wednesday morning.
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E) None of the above
Q:
When you make the decision to spend your time attending class, which economic question are you answering?
A) What?
B) How?
C) For whom?
D) Why?
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Q:
Which of the following is a topic studied in macroeconomics?
A) the pricing decisions in the computer hardware industry
B) the effect on economic growth if the government raises taxes
C) how the wheat industry determines how much wheat to grow
D) the impact of labor unions on wages
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Q:
Which of the following BEST describes macroeconomics?
A) It analyzes the aggregate effects on the national economy of the choices made by individuals, firms, and governments.
B) It studies the choices that individuals and businesses make when coping with scarcity.
C) It examines how the choices that individuals affect governments.
D) It is not a social science because its predictions cannot be tested.
E) Proving causation is never a problem for macroeconomics.
Q:
Which of the following is a microeconomic topic?
i. K-Mart's decision to close stores that are not making a profit
ii. Home Depot's choice to hire more full-time employees because its sales increased
iii. Delta Airlines changes its fares.
A) i only
B) ii only
C) i and iii
D) ii and iii
E) i, ii, and iii
Q:
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Q:
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Q:
If a small change in the x variable results in a large change in the y variable, the curve will be
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B) negatively sloped.
C) steep.
D) flat.
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Q:
The slope of a line equals the change in the variable measured along the
A) x-axis divided by the change in the variable measured along the y-axis.
B) y-axis divided by the change in the variable measured along the x-axis.
C) x-axis minus the change in the variable measured along the y-axis.
D) x-axis multiplied by the change in the variable measured along the y-axis.
E) y-axis minus the change in the variable measured along the x-axis.
Q:
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Q:
In the figure above, the relationship between the x variable and the y variableA) is positive.B) is negative.C) starts by being positive and then becomes negative.D) starts by being negative and then becomes positive.E) is non-existent because the two variables are unrelated.
Q:
In the diagram above, which figure(s) show(s) a direct relationship between the variables?A) both B and CB) both A and CC) only AD) only DE) only B
Q:
In the above figure, a negative relationship between x and y is shown in FigureA) A.B) B.C) C.D) D.E) B and Figure C.
Q:
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Q:
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Q:
An independent relationship between two variables is shown in a graph by
A) an upward-sloping line.
B) a horizontal or a vertical line.
C) a downward-sloping line.
D) a steeply sloped line.
E) any straight line curve.