Capital per worker - Study guides, Class notes & Summaries

Factors influencing demand for labour - ANSWERSDemand for final product - if rise in output > increase in productivity Relative productivity of labour to capital - substitution effect £3,000 subsidy for hiring unemployed 18-24 y.o. = half UK's youth minimum wage Factors influencing supply of labour - ANSWERSCost of living Cost of gaining skills UK uni fees capped at £9,250 per year Number of workers UK raises state pension age from 67 to 68 Market failures in labour marke...

Econ 102 - Test 1 Questions and Answers Graded A What does economic activity revolve around? Production What drives economic activity? Spending Per Capita GDP Gross Domestic Product/Population Gross Domestic Product/Population is the same thing as Production/Population GDP shows what? Productivity, income, and/or standard of living Expenditures = Income Production = Income The study of how society chooses to allocate its scare production resources Economics Labor Mental and physical skil...

What is economic growth rate? CORRECT ANSWER It is the annual % change in real GDP What are living standards measured by? CORRECT ANSWER Real GDP per capita Living Standards amongst countries CORRECT ANSWER Living standards vary greatly between different countries. The rankings change over time because economies grow at different rates. Labor Productivity CORRECT ANSWER Labor productivity is what a country's standard of living is determined by. Increase is living standards is the result...

Technological advances generally result in correct answers increased life expectancy The total amount of physical capital available in a country is known as the country's correct answers capital stock The quantity of goods and services that can be produced by one worker or by one hour of work is referred to as: correct answers labor productivity The fictitious country of World Campustan saw its GDP per-capita increase from $36,869 in 2017 to $37,843 in 2018. What was the growth rate in...

Skip to main contentSide panel ECS1601-23-S2 Online assessments Assessment 1 QUIZ Assessment 1 Started on Saturday, 19 August 2023, 2:43 PM State Finished Completed on Saturday, 19 August 2023, 3:14 PM Time taken 30 mins 14 secs Marks 28.00/40.00 Grade 70.00 out of 100.00 Question 1 Complete Mark 2.00 out of 2.00 Flag question Question text The circular flow model reveals that a decrease in South African imports will … . a. decrease South African imports b. increase ...

Which of the following types of fire extinguishers should not be used on a grease fire? a. foam b. sodium bicarbonate c. water d. carbon dioxide c. water A woman and a man both interview for a cashier position in a hospital cafeteria. Both are hired for the job but the woman is paid $1.00 less per hour than the man. Identify the law that may be violated. a. fair labor standards act b. equal pay act c. minimum wage act d. fair pay act b. equal pay act Which of the following in...

Microeconomics AS WJEC Questions and answers Scored A+ 2023 What are the four factors of production? - Land - Labour - Capital - Entrepreneurship What is the 'basic economic problem'? - Finite resources, infinite wants What is an opportunity cost? - The benefit forgone of the next best alternative What is meant by free goods and economic goods? - Free goods are those of infinite supply (no opportunity cost) - Economic goods are those in finite supply (opportunity ...

1. Residents of the developing American colonies lived _______ lives compared to people living in the advanced countries of that time because ________. a. better; of favorable protections from England b. better; of high levels of output per worker. c. worse; of unfavorable taxation d. worse; of the inaccessibility of both capital and finished machine goods. correct answers b 2. All of the following were important colonial industries except: a. fishing and fish packing b. production of s...

Africa's Economy Exam Questions and Answers tariff - Answer-A tax on imported goods import - Answer-to bring a product into a country to be sold quota - Answer-A limit placed on the quantities of a product that can be imported Organization of Petroleum Exporting Countries - Answer-an international economic organization whose member countries all produce and export oil; AKA OPEC embargo - Answer-A ban on trade usually for political reasons currency - Answer-money human capita...

Econ 252 Exam Questions With Correct Answers | 100% VERIFIED Statements that claim to describe the way things are: - ANSWER- are positive statements can be tested for accuracy Both B and C above In determining how to use their resources, resource owners are motivated by: - ANSWER- self-interest Produced goods that are used in the production of other goods are: - ANSWER- capital The basic goal in dealing with the problem of scarcity is: - ANSWER- to produce as much consumer satisf...