Final Econ Assignments

Productivity is defined as the quantity of

Productivity is the

Strike Out Bowling Balls produced 800 bowling balls per day using 2 workers who each work 8 hours per day. What is Strike Out's productivity?

Adam and Doug both build birdhouses. Adam works 20 hours/week and produced 12 bird houses. Doug works 30 hours/week and produces 15 bird houses. Which of the following is correct?

The Karamic Deed Restaurant uses all of the following to produce vegetarian meals. Which of them is an example of physical capital?

Megan is a landscaper. Which of the following are included in her human capital?

Which of the following statements is correct? A. By definition, all natural resources are nonrenewable. B. Market prices give us reason to believe that natural resources are a limit to economic growth. C. An economy must be blessed with ample quantities of natural resources if it is to be a highly productive economy. D. Differences in natural resources can explain some of the differences in standards of living around the world.

Which states economists' understanding of the facts concerning the relationship between natural resources and economic growth?

Technological knowledge refers to

You bake cookies, One day you double the time you spend, double the number of chocolate chips, eggs, and all your other inputs, and you bake twice s many cookies. Your cookie production function has

Scenario 25-1: An economy's production function takes the form Y=AF(L,K,H,N) In the production function, which letter represents technology?

Accumulating capital

"When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly." This statement:

All else equal, if there are diminishing returns, then which of the following is true if a country increases capital by one unit?

The logic behind the catch-up effect is that

If an american-based firm opens and operates a service call center in Bulgaria, then it is engaging in

If companies from foreign countries build and operate factories in China, the China's productivity

Which of the following is generally an opportunity cost of investment in human capital?

Which of the following statements is correct? a. In an economy-wide sense, property rights are an important prerequisite for the price system to work. b. Property rights give people the ability to exercise authority over the resources they own. c. Based on the available evidence, the existence of well-established and well-enforced property rights appears to be associated with an enhanced standard of living. d. All of the above are correct.

In the past there have been violent protests against the World Bank and the World Trade Organization. The protesters argued that these institutions promote free trade and also encourage corporations in rich countries to invest in poor countries. The protesters contended that these practices make rich countries richer and poor countries poorer. An economist would

At the broadest level, the financial system moves the economy's scarce resources from

As an alternative to selling shares of stock as a means of raising funds, a large company could, instead,

The economy's two most important financial MARKETS are:

two of the economy's most important financial INTERMEDIARIES are:

The assumption of a closed economy

You observe a closed economy that has a government deficit and positive investment. Which of the following is correct?

In a closed economy, what remains after paying for consumption and government purchases is

Consider the expressions T-G and Y-T-C. Which of the following statements is correct?

According to the definitions of national saving and public saving, if Y, C, and G remained the same, an increase in taxes would

In the language of macroeconomics, investment refers to

Fran buys 1,000 shares of stock issued by Miller Brewing. In turn, Miller uses the funds to buy new machinery for one of its breweries. Who is saving and who is investing?

In a closed economy, if Y remains the same, but G rose, T rose by the same amount as G, and C fell but by less than the increase in T, what would happen to private and national saving?

Which of the following statements is correct? a. The interest rate that is usually reported is the interest rate that has been corrected for inflation. b. The supply of, and demand for, loanable funds depend on the real (rather than nominal) interest rate. c. If the nominal interest rate has decreased and the real interest rate has also decreased, then the inflation rate must have decreased as well. d. All of the above are correct.

Other things the same, when the interest rate rises,

Other things the same, an increase in the interest rate

If there is a shortage of loanable funds, then

In 2002 mortgage rates fell and mortgage lending increases. Which of the following could explain both of these changes?

What would happen in the market for loanable funds if the government were to increase the tax on interest income?

Suppose a country repealed its investment tax credit. The effects of this are represented by shifting the: A. demand for and the supply of loanable funds to the right. B. demand for and the supply of loanable funds to the left. C. supply of loanable funds to the right and the demand for loanable funds to the left. D. None of the above is correct.

Who of the following is NOT included in the Bureau of Labor Statistics "employed" category?

Who of the following would be included in the Bureau of Labor statistics "unemployed" category?

Which of the following is correct?

Suppose there are a large number of men who used to work or seek work who now no longer do either. Other things the same, this makes

Matilda just graduated from college. In order to devote all her efforts to college, she didn't hold a job. She is going to tour around the country on there motorcycle for a month before she starts looking for work. Other things the same, the unemployment rate

President Bigego is running for re-election against Senator Pander. Bigego proclaims that more people are working now than when he took office. Pander says that the unemployment rate is now higher than when Bigego took office. You conclude that

In 2009, based on concepts similar to those used to estimate US employment figures, the Japanses adult non-instatutionalized population was 110.272 million, the labor force was 65.362 million, and the number of people employed was 62.242 million. According to those numbers, the Japanese labor-force participation rate and unemployment rate were about:

Suppose that some people report themselves as unemployed when, in fact, they are working in the illegal economy. If these persons were counted as employed, then:

The BLS counts discouraged workers as:

John is a stockbroker. He has had several job offers, but he has turned them down because he thinks he can find a firm that better matches his tastes and skills. Curtis has looked for work as an accountant for some time. While the demand for accountants doesn't appear to be falling, there seems to be more people applying than jobs available.

Consumers decide to ride bikes more and drive cars less. Bicycle companies expand production while automobile companies fire workers. This is an example of:

Frictional unemployment is inevitable because

Which of the following does not help reduce frictional unemployment?

Arnold quit his job because he was unhappy at work. Michael was fired because he frequently came to work late. Who is eligible for unemployment insurance benefits?

Which of the following is not a cause of frictional unemployment?

When a minimum-wage law forces the wage to remain above the level that balances supply and demand, it

Wages in excess of their equilibrium level help explain

Sam has no job but keeps applying to get a job with a business that is unionized. He is qualified and he finds the pay attractive, but the firm is not hiring. Sa, is

When a union raises the wage above the equilibrium level, it

Four employers have justified their actions as follows. Whose logic is NOT consistent with the logic of efficiency wage theory?

If the CPI rises, the number of dollars needed to buy a representative basket of goods

If P denotes the price of gods and services measured in terms of money, then

With the value of money on the vertical axis, the money supply curve is

Money demand depends on

As the price level decreases, the value of money

When the money market is drawn with the value of money on the vertical axis, a decrease in the price level causes a

When the money market is drawn with the value of money on the vertical axis, an increase in the money supply

In the fourteenth century, the Western African Emperor Kankan Musa traveled to Cairo where he gave away much gold, which was in use as a medium of exchange. We would predict that this increase in gold

Your boss gives you an increase in the number of dollars you earn per hour. This increase in pay makes

The classical dichotomy argues that changes in the money supply

Monetary neutrality implies that an increase in the quantity of money will

According to the assumptions of the quantity theory of money, if the money supply increases by 5 percent, then

If velocity and output were nearly constant, then

The data on hyperinflation show a clear link between the quantity of money and

Which of the following can a country increase in the long run by increasing its money growth rate? a. the nominal wage divided by the price level b. real output c. real interest rates d. None of the above is correct.

The Fisher effect says

Menu costs refers to

If there is inflation, then a firm that has kept its price fixed for some time will have a

Which of the following are U.S. taxpayers allowed to adjust for inflation for the purpose of income taxes?

You bought some shares of stock and, over the next year, the price per share increased by 5 percent, as did the price level. Before taxes, you experienced

You bought some shares of stock and, over the next year, the price per share decreased by 7 percent and the price level decreased by 9 percent. Before taxes, you experienced