Labor productivity will increase if the ________ increases and ________
A) quantity of labor per unit of capital; immigration increases while capital is fixed
B) quantity of capital per hour worked; immigration increases while capital is fixed
C) quantity of capital per hour worked; technology improves
D) quantity of labor per unit of capital; technology improves
C
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Nations with low levels of GDP per capita may converge to richer nations if
A) nations with high levels of income experience a continuously increasing growth rate. B) nations with lower levels of income grow more quickly than those with higher levels of income. C) nations with lower levels of income grow more slowly than those with higher levels of income. D) nations with lower levels of income spend less on investment.
As the wage rate falls, a utility-maximizing individual's quantity of labor supplied
a. increases b. decreases c. increases if the income effect outweighs the substitution effect d. decreases if the substitution effect outweighs the income effect e. decreases if the income effect outweighs the substitution effect