4 macroeconomics35-55

working but whose skills are not fully utilized.

An underemployed person is one who is:

substitution bias

CPI basket question

investment

Enforceable property rights encourage economic growth by encouraging:

the market value of goods and services produced in a country in a year.

GDP is defined as:

workers skills and knowledge

Human captial refers to:

the economy as a whole

Macroeconomics is the study of

individual decisions in the specific markets

Microeconomics is the study of

current dollar value of that good or service

The "market value" of a good or service refers to the:

Y= f(L,H,K)

The aggregate production function is represented as:

average price that consumers pay over time for representative basket of goods and services

The consumer price index is an index that tracks the:

percentage of the working age population that is either employed or unemployed

The labor force participation rate is the:

when one input is held constant, while other inputs are increased, eventually output will increase by smaller and smaller units

The law of diminishing return states that:

age 16 or older who are not in the military or institutionalized

The working age population includes people who are:

an inport

When a U.S. consumer buys Canadian maple syrup at the grocery store, this purchase is:

finished and ready for the final user

a "final" good or service is one that is:

subsidizing secondary school education

a government can promote the development of human captial by:

a method through which inputs can be turned into outputs, given the available resources.

a production function is:

due to the time it takes for employers to search for workers and for workers to search for jobs.

frictional unemployment is unemployment:

on average prices went down across the economy

if you see that consumer price index this year is lower than the consumer price index last year this means:

marginal cost of adjusting prices

menu cost are the:

price that business pay overtime for the inputs used in the production process

the producer price index is an index that tracks the: