The table shows the relationship between leisure and real GDP in the country of Progress. The citizens of Progress have 400 billion hours each year to spend between leisure and labour. If the quantity of labour increases from 100 billion hours to 150 billion hours a year, real GDP. __________________.

increases by £0.5 trillion
increases by £2.0 trillion
equals £9.0 trillion
decreases by £0.5 trillion

The table shows the relationship between leisure and real GDP in the country of Progress. The citizens of Progress have 400 billion hours each year to spend between leisure and labour. When the citizens of Progress decide to increase leisure, the marginal product of labour.

does not change
might increase or decrease
increases
decreases

The table shows the relationship between leisure and real GDP in the country of Progress. The citizens of Progress have 400 billion hours each year to spend between leisure and labour. If the quantity of labour increases from 200 billion hours to 250 billion hours a year, the marginal product of labour is __________.

£20 an hour
£1.0 trillion
£1.5 trillion
£15 an hour

The table shows the relationship between leisure and real GDP in the country of Progress. The citizens of Progress have 400 billion hours each year to spend between leisure and labour. When the real wage rate in Progress is £30 an hour, the quantity of labour demanded is ____________________ a year.

225 billion hours
175 billion hours
200 billion hours
150 billion hours

The table shows the labour market for the country of Pickett. When the labour market is in equilibrium, the real wage rate is ________________ and _________ of labour a year are employed.

any value less than £25 an hour; any value greater than 40 billion hours
£25 an hour; 40 billion hours
any value greater than £25 an hour; 40 billion hours
any value greater than or equal to £25 an hour; any value less than 40 billion hours

The table shows the labour market for the country of Pickett. An efficiency wage rate would be __________.

any wage rate where the quantity of labour demanded exceeds the quantity of labour supplied
£35 an hour
£15 an hour
£25 an hour

The tables show the labour market and the production function schedule for the country of Pickett. Potential GDP is ______________.

£14 trillion
£25 trillion
£6 trillion
£40 trillion

The table shows the labour market and the production function schedule for the country of Pickett. An increase in population changes the labour supply by 20 billion hours at each real wage rate. Potential GDP ____________.

does not change
increases to £50 trillion
increases to £18 trillion
decreases to £3 trillion

When an advance in technology occurs, ________________________.

the labour demand curve shifts rightward and the production function shifts upward
the labour demand curve and the labour supply curve both shift rightward
a movement along the labour demand curve occurs
the labour demand curve shifts leftward because fewer workers are hired

When structural change is rapid, job search times _________ and the unemployment rate __________.

increase; decreases
increase; increases
decrease; does not change
decrease; decreases