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Attempt 1
Written: Oct 27, 2013 7:23 PM - Oct 27, 2013 8:06 PM
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5 / 5 points
Firms consider the ________ wage when considering whether to hire additional units of labor.
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The real business cycle theory emphasizes that in today's modern age, ________ technology plays a significant role in causing economic fluctuations.
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the demand for labor increases as a result of an increase in the real wage rate. the demand for labor increases as a result of a decrease in the real wage rate. the demand for labor increases at any real wage rate.
labor supply curve to the left. labor supply curve to the right. labor demand curve to the left. labor demand curve to the right. Question 5 0 / 5 points
Recall the Application about the level of real wages for laborers in England from 1350 to 1550 to answer the following question(s). In 1348, the bubonic plague, also known as the Black Death, arrived in England from Asia and caused a long decline in total population through the 1450s. According to this Application, the decline in population resulting from the Black Death caused the ________ curve for labor to shift to the ________.
demand; right demand; left supply; right supply; left Question 6 0 / 5 points
If current unemployment is close to the natural rate of unemployment, the level of the ________ GDP is likely to be close to the level of potential output.
nominal structural real estimated Question 7 increases; increases increases; decreases 0 / 5 points
If the demand for labor ________, real wages fall and the amount of labor employed ________.
more expensive level higher level backlog of production worker sharing his or her load Question 9 0 / 5 points
Consider a two-input production function, one of which is increasing while the other is fixed. At the point of diminishing returns, output will
increase at an increasing rate. increase at a decreasing rate. decrease at an increasing rate. decrease at a decreasing rate. Question 10 0 / 5 points
The ________ curve shows a(n) ________ relationship between the real wage and the number of workers who are willing to work.
labor demand; positive labor demand; direct labor supply; positive labor supply; inverse Question 11 5 / 5 points
Recall the Application about the level of real wages for laborers in England from 1350 to 1550 to answer the following question(s). In 1348, the bubonic plague, also known as the Black Death, arrived in England from Asia and caused a long decline in total population through the 1450s. According to this Application, economist Thomas Malthus observed that social maladies such as the Black Death would temporarily ________ living standards until ________ living standards led to increased population growth.
Question 12
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Refer to Figure 7.1 . Start from initial equilibrium. If firms reduce their capital stock, the new wage could be ________ and the new amount of labor employed could be ________.
Z; C Y; C X; C X; A Question 13 0 / 5 points
The natural rate of unemployment is the estimated rate of unemployment that would prevail when ________ unemployment is zero.
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increase the level of an activity if the marginal benefit exceeds its marginal cost. decrease the level of an activity if the marginal cost exceeds the marginal benefit. if possible pick the level at which the marginal benefit equals the marginal cost. All of these Question 16
In practice, increases in government spending in an open economy can crowd out
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right, increasing wages. right, decreasing wages. left, increasing wages. left, decreasing wages. Question 18 5 / 5 points
Suppose the stock of capital remains constant. By adding more labor, perhaps a second work shift, output
Question 19
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natural output. national output. potential output. target output. Question 20 Cyclical Frictional Structural Inflationary Attempt Score: 30 / 100 Overall Gr 0 / 5 points
________ unemployment rises and falls with economic fluctuations.