Why is a rightward shift of the labor supply curve difficult to rationalize in the classical model?
a. The labor supply curve is based on firms' preferences.
b. Labor supply is very difficult to measure.
c. The labor supply curve is almost never a known entity.
d. Workers' preferences and therefore labor supply tend to change very slowly.
e. Workers' preferences and therefore labor supply tend to change very quickly.
D
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If Option A costs $40 and yields 20 units of output and Option B costs $50 and yields 20 units of output,
A) Option B and Option A are equally economically efficient. B) Option B is economically efficient relative to Option A. C) Option A is economically efficient relative to Option B. D) It is not possible to determine which option is more economically efficient.
Which of the following best measures improvements in the standard of living of a nation?
A. growth of real GDP B. growth of nominal GDP C. growth of real GDP per capita D. growth of national income