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:
