Refer to Figure 22-2. Assuming no technological change, if the United States increases capital per hour worked by $40,000 every year between 2012 and 2016, we would expect to see
A) real GDP per hour worked will be lower in 2016 than it was in 2012.
B) the per-worker production function will get flatter over time.
C) real GDP per hour worked will increase by the same increment each year between 2012 and 2016.
D) the per-worker production function will shift up every year there is increase in capital per hour worked.
B
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Refer to Figure 17-2. At which point is the unemployment rate equal to the natural rate of unemployment?
A) A B) B C) C D) There is insufficient information on the graph to answer this question.
Tom walks Bethany's dog once a day for $50 per week. Bethany values this service at $60 per week, while the opportunity cost of Tom's time is $30 per week. The government places a tax of $35 per week on dog walkers. After the tax, what is the total surplus?
a. $50 b. $30 c. $25 d. $0