Question :
51) An economy’s stock of capital increases directly because of
A) : 1384424
51) An economy’s stock of capital increases directly because of
A) an increase in interest rates.
B) high levels of immigration.
C) a positive flow of investment.
D) a decrease in business cycles.
E) low levels of saving.
52) Changes in any of the following variables contribute to changes in GDP. Which one typically changes most over short periods of time?
A) the number of workers who are available to work
B) the number of employed workers as a portion of the number of workers available to work
C) the output produced per worker
D) the number of workers who are available to work and the output produced per worker
E) the labour-force participation rate
53) An economy’s current GDP is $100 billion, the labour force is composed of 2.2 million people, and 2 million people are employed. What is the economy’s (approximate) labour productivity?
A) 0.91
B) 0.45
C) $50
D) $5000
E) $50 000
54) An economy’s current GDP is $100 billion, the labour force is composed of 2.2 million people, and 2 million people are employed. What is this economy’s labour utilization rate?
A) 0.2
B) 0.22
C) 0.45
D) 0.91
E) 4.4
55) For the economy as a whole, high rates of factor utilization are associated with
A) downward pressure on wage rates.
B) excess demand in factor markets.
C) increasing unemployment rates.
D) excess supply in factor markets.
E) downward shifts in the AS curve.
56) For the economy as a whole, changes in the factor-utilization rate are associated with short-run fluctuations in output because
A) firms cannot change their prices in the short run.
B) potential output is affected by the factor-utilization rate in the short run.
C) factor prices can only fully adjust in the long run.
D) the short-run fluctuations in factor supplies and productivity cancel each other out.
E) it is cheaper for firms to let their inventories accumulate than to employ more workers.
57) Suppose there are 7000 people in the labour force of an economy and the unemployment rate is 6%. If GDP per worker in this economy is $15, then GDP is equal to
A) $6300.
B) $12 800.
C) $35 000.
D) $98 700.
E) $105 000.
58) Suppose GDP in an economy is $144 000, the unemployment rate is 10% and there are 8000 people in the labour force. Calculate the GDP per worker for this economy.
A) $10
B) $14.40
C) $18
D) $20
E) $80
59) Suppose that real GDP in an economy is $750 000 and real GDP per worker is $250. If the employment rate in this economy is 80%, then there are
A) 3000 people in the labour force in this economy.
B) 3750 people in the labour force in this economy.
C) 33 000 people in the labour force in this economy.
D) 150 000 people in the labour force in this economy.
E) 600 000 people in the labour force in this economy.
60) Inflationary gaps are typically associated with
A) excess demand for factors and higher-than normal factor-utilization rates.
B) excess demand for factors and lower-than-normal factor-utilization rates.
C) excess supply of factors and higher-than-normal factor-utilization rates.
D) excess supply of factors and lower-than-normal factor-utilization rates.
E) excess supply of factors and normal factor-utilization rates.
