The average amount of goods and services produced from each hour of a worker's time is called
a. per capita GDP
b. per capita GNP
c. productivity
d. human capital
Answer: c. productivity
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Economists have not found a way to predict when recessions will begin and end
Indicate whether the statement is true or false
A repeated cross-sectional data set is
A) a collection of cross-sectional data sets, where each cross-sectional data set corresponds to a different time period. B) the same as a balanced panel data set. C) what Card and Krueger used in their study of the effect of minimum wages on teenage employment. D) time series.
Rivalry among firms would tend to be highest if
a. the industry is growing quickly b. the industry is growing slowly c. the industry is shrinking d. None of the above