Since 1870 Canadian and U.S real GDP per person grew from below to above that in the United Kingdom. The explanation for this is likely that productivity grew faster in Canada and the U.S. than in the United Kingdom
a. True
b. False
Indicate whether the statement is true or false
True
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An oligopoly firm is similar to a monopolistically competitive firm in that
A) both operate in a market in which there are significant entry barriers. B) both firms face the prisoner's dilemma. C) both firms have market power. D) both firms are in industries characterized by interdependence of firms.
Research on labor supply generally shows that
A) labor supply rises in response to a permanent increase in the real wage, but falls in response to a temporary increase in the real wage. B) labor supply rises in response to a temporary increase in the real wage, but falls in response to a permanent increase in the real wage. C) labor supply rises in response to both a temporary and a permanent increase in the real wage. D) labor supply falls in response to both a temporary and a permanent increase in the real wage.
If the centrally planned economy of Rowboat dismantles central controls before institutions such as property rights are in place, instability will most likely result
a. True b. False
Which of the following statements best describes the political control of the Federal Reserve?
a. Policy decisions of the Fed do not require congressional approval, and the president cannot ask for the resignation of a Federal Reserve governor as the president can with cabinet positions. b. Policy decisions of the Fed require congressional approval, but the president cannot ask for the resignation of a Federal Reserve governor as the president can with cabinet positions. c. Policy decisions of the Fed do not require congressional approval, and the president can ask for the resignation of a Federal Reserve governor as the president can with cabinet positions. d. Policy decisions of the Fed require congressional approval, and the president can ask for the resignation of a Federal Reserve governor as the president can with cabinet positions.