Macroeconomics review from quizzes for exam 3 (11/1/15)

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Which of the following is an example of the "brain drain"

A country's most highly educated workers emigrate to rich countries

In a small closed economy investment is $20 billion and private savings is $22 billion. What are public savings

-$2 billion and $20 billion

In the U.S., each additional year of schooling has historically raised a person's wages on average by about

10%

Workers searching for jobs that best suit them is most closely associated with

Frictional unemployment

Workers waiting for jobs to open up is most closely associated with

Structural unemployment

if the wage is kept above equilibrium wage for any reason, the result is

Structural unemployment

In which of the following cases would it be necessarily be true that national savings a private savings are equal

The government's tax revenue is equal to its expenditures

Which of the following equations represents GDP for an open economy

Y=C+I+G

Minimum-wage laws can keep wages

above equilibrium and cause a surplus of labor

The level of real GDP person

and the growth rate of the real GDP per person vary widely across countries

If an american-based firm opens and operates a new watch factory in Panama, then it is engaging in

foreign direct investment

Efficiency wages

increase structural unemployment by keeping wages above equilibrium

In the long run, a higher saving rate

increases the level of productivity

Sectoral shift in demand for output

increases unemployment due to job search

The source of the supply of loanable funds

is savings and the source if demand for loanable funds is investment

the primary economic function of the financial system is to

match one person's savings with another person's investment

Suppose that real GDP grew more in Country A than Country B last year

nothing can be assumed about either the standard of living or productivity

Which of the following items plays a role in determining productivity

physical capital, natural resources, and technological knowlesge

A firm may pay efficiency wages in an attempt to

reduce incentives to shirk, reduce turnover, and attract a well-qualified pool of applicants

Other things the same, a higher interest rate induces people to

save more, so the supply of loanable funds slopes upwards

When a large, well-known corporation wishes to borrow directly from the public, it can

sell bonds

if the government's expenditures exceeded its receipts, it would likely

sell bonds directly to the people

What is measured along the vertical axis of the graph

the interest rate

Collective bargaining refers to

the process by which unions and firms agree on the terms of employment

Pollee is the CEO of a corporation that hires nonunion labor. According to the theory of efficiency wages, if she decides to pay her workers more then the competitive equilibrium wage, then

the profit on her firm might increase

which of the following does the level of real GDP per capita measure

the standard of living

The Peapod Restaurant uses all of the following to produce vegetarian meals. Which of them is and example of physical captial

the tables and chairs in the restraunt

A closed economy does not

trade with other markets

Which of the following is human capital?

understanding how to repair cars

When a union bargains successfully with employers, in that industry,

unemployment and wages increase


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