The Widget Company has the following production function: \[\begin{array} { c c } \begin{array} { c } \text { Number of } \\ \text { Workers } \end{array} & \begin{array} { c } \text { Number of } \\ \text { Widgets Produced } \end{array} \\ \hline 0 & 0 \\ 1 & 9 \\ 2 & 17 \\ 3 & 24 \\ 4 & 30 \\ 5 & 35 \end{array}\] If widgets sell for $6 each and the wage rate is $33, how many workers will the company hire?

A) 0 B) 1 C) 2 D) 4 A) 0 B) 1 C) 2 D) 4

Zowie! Surfboards has the following production function: \[\begin{array} { c c } \begin{array} { c } \text { Number of } \\ \text { Workers } \end{array} & \begin{array} { c } \text { Number of } \\ \text { Surfboards Produced } \end{array} \\ \hline 1 & 12 \\ 2 & 21 \\ 3 & 29 \\ 4 & 36 \\ 5 & 42 \\ \hline \end{array}\] If surfboards sold for $30 and the nominal wage rate was $200, how many workers would the firm employ?

A) 2 B) 3 C) 4 D) 5 A) 2 B) 3 C) 4 D) 5

The table below represents Freedonia's macroeconomic data for 2002 and 2003. \[\begin{array} { c c c c } \text { Year } & \text { Y } & \mathrm { K } & \mathrm { N } \\ \hline 2002 & 2000 & 1700 & 70 \\ 2003 & 2100 & 1785 & 75 \\ \hline \end{array}\] Suppose that the production function is given by Y = AK0.25 N0.75. Between 2002 and 2003, total factor productivity of Freedonia's economy increased by

A) -1.5%. B) 5.0%. C) 5.5%. D) 12.7%. A) -1.5%. B) 5.0%. C) 5.5%. D) 12.7%.

Exam 3: Productivity, Output, and Employment

As a result of the superb economics essay that you wrote during this quarter, you win the Adam Smith prize of $100. The receipt of these funds would be an example of

(Multiple Choice)

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Question 41

Firms hire labour at the point where the

(Multiple Choice)

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Question 42

Which market determines the real wage and employment?

(Multiple Choice)

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Question 43

The principle of diminishing marginal productivity of labour implies that

(Multiple Choice)

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Question 44

Cyclical unemployment arises when

(Multiple Choice)

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Question 45

The survey on labour supply by Killinsworth found that

(Multiple Choice)

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Question 46

The total factor productivity is

(Multiple Choice)

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Question 47

For the economy of Lower Volta, the MPN is given by MPN = 400 - 0.2N where N is aggregate employment. The aggregate quantity of labour supplied is 500 + 10(1 - t)w where t is the income tax rate and w is the real wage. Assume that the income tax rate is 50%. What is the before-tax real wage?

(Multiple Choice)

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Question 48

One reason that firms hire labour at the point where w = MPN is

(Multiple Choice)

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Question 49

A tremendous flood along the St. Lawrence Seaway destroys thousands of factories, reducing the nation's capital stock by 5%. What happens to current employment and the real wage rate?

(Multiple Choice)

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Question 50

The principle of diminishing marginal productivity of capital implies that

(Multiple Choice)

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Question 51

Frictional unemployment arises when

(Multiple Choice)

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Question 52

In December 2002, Kwaki had a labour force of 14,757,000, employment of 13,097,000, and there were 7,994,000 people not in the labour force (all numbers rounded to the nearest 1000). a. Calculate the unemployment rate. b. Calculate the participation rate. c. Calculate the employment ratio.

(Essay)

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Question 53

The Widget Company has the following production function: Number of Workers Number of Widgets Produced 0 0 1 9 2 17 3 24 4 30 5 35 If widgets sell for $6 each and the wage rate is $33, how many workers will the company hire?

(Multiple Choice)

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Question 54

Zowie! Surfboards has the following production function: Number of Workers Number of Surfboards Produced 1 12 2 21 3 29 4 36 5 42 If surfboards sold for $30 and the nominal wage rate was $200, how many workers would the firm employ?

(Multiple Choice)

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Question 55

Your professor has one hundred final exams to grade, so he hires you to help him grade them, paying you twice the amount you would normally receive because few students are willing to work during final exams week. You take the job. This would be an example of

(Multiple Choice)

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Question 56

In the production function Y = AF(K,N), A is

(Multiple Choice)

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Question 57

Compare and contrast the likely income and substitution effects on labour supply of a temporary real wage increase compared to a permanent rise in the real wage.

(Essay)

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Question 58

A decrease in the real wage will cause an individual to increase his or her supply of labour if

(Multiple Choice)

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Question 59

The table below represents Freedonia's macroeconomic data for 2002 and 2003. Year Y 2002 2000 1700 70 2003 2100 1785 75 Suppose that the production function is given by Y = AK^0.25N^0.75. Between 2002 and 2003, total factor productivity of Freedonia's economy increased by

(Multiple Choice)

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Question 60

As a result of the superb economics essay that you wrote during this quarter, you win the Adam Smith prize of $100. The receipt of these funds would be an example of

Firms hire labour at the point where the

Which market determines the real wage and employment?

The principle of diminishing marginal productivity of labour implies that

Cyclical unemployment arises when

The survey on labour supply by Killinsworth found that

The total factor productivity is

For the economy of Lower Volta, the MPN is given by MPN = 400 - 0.2N where N is aggregate employment. The aggregate quantity of labour supplied is 500 + 10(1 - t)w where t is the income tax rate and w is the real wage. Assume that the income tax rate is 50%. What is the before-tax real wage?

One reason that firms hire labour at the point where w = MPN is

A tremendous flood along the St. Lawrence Seaway destroys thousands of factories, reducing the nation's capital stock by 5%. What happens to current employment and the real wage rate?

The principle of diminishing marginal productivity of capital implies that

Frictional unemployment arises when

In December 2002, Kwaki had a labour force of 14,757,000, employment of 13,097,000, and there were 7,994,000 people not in the labour force (all numbers rounded to the nearest 1000). a. Calculate the unemployment rate. b. Calculate the participation rate. c. Calculate the employment ratio.

The Widget Company has the following production function: Number of Workers Number of Widgets Produced 0 0 1 9 2 17 3 24 4 30 5 35 If widgets sell for $6 each and the wage rate is $33, how many workers will the company hire?

Zowie! Surfboards has the following production function: Number of Workers Number of Surfboards Produced 1 12 2 21 3 29 4 36 5 42 If surfboards sold for $30 and the nominal wage rate was $200, how many workers would the firm employ?

Your professor has one hundred final exams to grade, so he hires you to help him grade them, paying you twice the amount you would normally receive because few students are willing to work during final exams week. You take the job. This would be an example of

In the production function Y = AF(K,N), A is

Compare and contrast the likely income and substitution effects on labour supply of a temporary real wage increase compared to a permanent rise in the real wage.

A decrease in the real wage will cause an individual to increase his or her supply of labour if

The table below represents Freedonia's macroeconomic data for 2002 and 2003. Year Y 2002 2000 1700 70 2003 2100 1785 75 Suppose that the production function is given by Y = AK^0.25N^0.75. Between 2002 and 2003, total factor productivity of Freedonia's economy increased by

Introduction to Macroeconomics

The Measurement and Structure of the Canadian Economy

Consumption, Saving, and Investment

Saving and Investment in the Open Economy

Long-Run Economic Growth

The Asset Market, Money, and Prices

Business Cycles

The IS-LMAD-AS Model: A General Framework for Macroeconomic Analysis

Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy

Classical Business Cycle Analysis: Market-Clearing Macroeconomics

Keynesian Business Cycle Analysis: Non-Market-Clearing Macroeconomics

Unemployment and Inflation

Monetary Policy and the Bank of Canada

Government Spending and Its Financing

Filters

Exam 3: Productivity, Output, and Employment

As a result of the superb economics essay that you wrote during this quarter, you win the Adam Smith prize of $100. The receipt of these funds would be an example of

Firms hire labour at the point where the

Which market determines the real wage and employment?

The principle of diminishing marginal productivity of labour implies that

Cyclical unemployment arises when

The survey on labour supply by Killinsworth found that

The total factor productivity is

For the economy of Lower Volta, the MPN is given by MPN = 400 - 0.2N where N is aggregate employment. The aggregate quantity of labour supplied is 500 + 10(1 - t)w where t is the income tax rate and w is the real wage. Assume that the income tax rate is 50%. What is the before-tax real wage?

One reason that firms hire labour at the point where w = MPN is

A tremendous flood along the St. Lawrence Seaway destroys thousands of factories, reducing the nation's capital stock by 5%. What happens to current employment and the real wage rate?

The principle of diminishing marginal productivity of capital implies that

Frictional unemployment arises when

In December 2002, Kwaki had a labour force of 14,757,000, employment of 13,097,000, and there were 7,994,000 people not in the labour force (all numbers rounded to the nearest 1000). a. Calculate the unemployment rate. b. Calculate the participation rate. c. Calculate the employment ratio.

The Widget Company has the following production function: Number of Workers Number of Widgets Produced 0 0 1 9 2 17 3 24 4 30 5 35 If widgets sell for $6 each and the wage rate is $33, how many workers will the company hire?

Zowie! Surfboards has the following production function: Number of Workers Number of Surfboards Produced 1 12 2 21 3 29 4 36 5 42 If surfboards sold for $30 and the nominal wage rate was $200, how many workers would the firm employ?

Your professor has one hundred final exams to grade, so he hires you to help him grade them, paying you twice the amount you would normally receive because few students are willing to work during final exams week. You take the job. This would be an example of

In the production function Y = AF(K,N), A is

Compare and contrast the likely income and substitution effects on labour supply of a temporary real wage increase compared to a permanent rise in the real wage.

A decrease in the real wage will cause an individual to increase his or her supply of labour if

The table below represents Freedonia's macroeconomic data for 2002 and 2003. Year Y 2002 2000 1700 70 2003 2100 1785 75 Suppose that the production function is given by Y = AK0.25 N0.75. Between 2002 and 2003, total factor productivity of Freedonia's economy increased by

Introduction to Macroeconomics

The Measurement and Structure of the Canadian Economy

Consumption, Saving, and Investment

Saving and Investment in the Open Economy

Long-Run Economic Growth

The Asset Market, Money, and Prices

Business Cycles

The IS-LMAD-AS Model: A General Framework for Macroeconomic Analysis

Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy

Classical Business Cycle Analysis: Market-Clearing Macroeconomics

Keynesian Business Cycle Analysis: Non-Market-Clearing Macroeconomics

Unemployment and Inflation

Monetary Policy and the Bank of Canada

Government Spending and Its Financing

Filters

The table below represents Freedonia's macroeconomic data for 2002 and 2003. Year Y 2002 2000 1700 70 2003 2100 1785 75 Suppose that the production function is given by Y = AK^0.25N^0.75. Between 2002 and 2003, total factor productivity of Freedonia's economy increased by