Assume an economy experiences, for a given period, a 4% increase in output and a 2% increase in productivity. Given this information, we know that which of the following occurred for this economy during this period?
A) The unemployment rate increased during this period.
B) The unemployment rate decreased during this period.
C) The unemployment rate did not change during this period.
D) The effects on the unemployment rate are ambiguous.
E) none of the above
B
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Refer to Figure 23-2. If the U.S. economy is currently at point K, which of the following could cause it to move to point N?
A) Household wealth declines. B) The price level in the United States falls relative to the price level in other countries. C) The interest rate rises. D) Congress abolishes investment tax incentives.
If the demand for swordfish is price elastic and the price of swordfish increases, then
a. the quantity of swordfish demanded will increase b. the total revenue from swordfish sales will decrease c. the total revenue from swordfish sales will increase d. the total revenue from swordfish sales will not change e. whether total revenue rises or falls depends on how much the price of swordfish increases