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 labor. If the quantity of labor increases from 100 billion hours to 150 billion hours a year, real GDP __________________.

equals $9.0 trillion
increases by $0.5 trillion
decreases by $0.5 trillion
increases by $2.0 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 labor. When the citizens of Progress decide to increase leisure, the marginal product of labor ______________.

might increase or decrease
increases
decreases
does not change

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 labor. If the quantity of labor increases from 200 billion hours to 250 billion hours a year, the marginal product of labor 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 labor. When the real wage rate in Progress is $30 an hour, the quantity of labor demanded is ____________________ a year.

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

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

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

The table shows the labor market for the country of Pickett. At a real wage rate that results in job rationing, job search _________ and _________.

increases; a shortage of labor exists
decreases; unemployment increases above the natural rate
decreases; a shortage of labor exists
increases; unemployment increases above the natural rate

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

$6 trillion
$25 trillion
$40 trillion
$14 trillion

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

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

When an advance in technology occurs, ________________________.

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

When the real wage rate is less than the equilibrium wage rate, job search _________ and unemployment __________________the natural rate.

decreases; is less than
increases; is greater than
increases; equals
decreases; is greater than

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