Which of the following would increase labor productivity?
a. A decrease in the amount of capital per unit of labor
b. A change in technology that improves the quality of capital
c. A decrease in the unemployment rate
d. An increase in the number of inexperienced workers entering the labor force
e. A decrease in the quality of capital
b
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Assume that the inflation rate in an economy is measured on the vertical axis and the annualized growth rate of money supply minus the annualized growth rate of real GDP is measured on the horizontal axis on a graph
If a curve is plotted to establish the relationship between both variables, the curve is likely to be: A) vertical. B) upward sloping. C) horizontal. D) downward sloping.
The price elasticity of supply is usually a positive number because
A) price rises when supply increases. B) quantity supplied increases in response to price increases. C) quantity supplied increases in response to income increases. D) the quantity demanded usually rises when price falls and therefore suppliers would want to capitalize on this increase in demand.