According to Simon Kuznets, _____
a. the main force behind economic growth is increases in the quantity of labor
b. the main force behind economic growth is increases in the quantity of capital
c. the main force behind economic growth is increases in the quality of inputs
d. government regulations increase labor productivity
e. government regulations decrease labor productivity
c
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What did Milton Friedman and E.S. Phelps argue with respect to the Phillips Curve?
A) The inverse relationship between unemployment and inflation only holds in the long run. In the short run, unemployment and inflation are positively related. B) The inflation rate will consistently be 2 percentage points below the unemployment rate. C) Economic participants would soon understand activist policymakers' strategy and revise their expectations, making discretionary efforts to fine-tune the economy ineffective. D) The Phillips Curve could accurately guide activist policy makers over the long run.
Demonstrating how an economic variable changes from one year to the next is best illustrated by a
A) time-series graph. B) scatter diagram. C) Venn diagram. D) linear graph. E) cross-section graph.
In the above figure, after the second worker is hired, the marginal product of labor is
A) increasing. B) diminishing. C) constant. D) zero.
Between 1980 and 1990, the national debt
a. decreased from approximately $300 billion to $100 billion b. decreased from approximately $3 trillion to $1 trillion c. as a percent of GDP, decreased d. remained relatively unchanged as a percentage of GDP e. increased from approximately $1 trillion to over $3 trillion