The rapid productivity growth experienced in 1995-2012:
A. Is believed by most economists to be a permanent shift in the economy
B. Is still debated among many economists as to whether it represents a permanent shift in
the economy
C. Suggests that prospects for lasting increases in productivity growth are rather poor
D. Suggests that productivity growth can occur without raising the nation's standard of living
B. Is still debated among many economists as to whether it represents a permanent shift in
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If the price level rises, what will happen to the level of real GDP supplied?
A. It will usually decrease. B. It will usually increase. C. Nothing. D. It will decrease at first and then increase.
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?
A. W = 0.02Q - 500 B. W = 0.02Q + 500 C. W = 25,000 - 50Q D. W = 200Q + 50,000