Over the past 50 years, the growth of real GDP in the United States has been caused primarily by increase in the _____.
Fill in the blank(s) with the appropriate word(s).
productivity of labor
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The goal of the World Bank is to
A) sell the government securities of member nations on the open market. B) supervise exchange rate stability. C) help finance economic development. D) supervise the activities of the central banks of member nations.
The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1. The amount of this tax is ________ per bucket of golf balls
A) $4 B) $2 C) $2.50 D) $1 E) $3
The relative price of a textbook is
A) the money price of the textbook divided by the money price of some other good. B) the price of the textbook compared with what students think it should cost. C) the amount it cost to make the textbook. D) what the author earned for writing the textbook.
In the long run, economic profits are:
a. possible both for a monopolist and for a perfectly competitive firm. b. possible for a monopolist but not for a perfectly competitive firm. c. possible for a perfectly competitive firms but not for a monopolist. d. impossible for both a monopolist and for a perfectly competitive firm.