Real per capita GDP:
A. grows at approximately the same rate for all countries.
B. was much more equal across nations in 1820 than it is today.
C. has been about 20 times higher in the richer nations than the poorer nations for about 2000
years.
D. grows much faster in "leader countries" than in "follower countries."
B. was much more equal across nations in 1820 than it is today
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The demand for labor curve
A) is downward sloping because productivity of labor diminishes as more workers are employed. B) is upward sloping and the supply curve of labor is downward sloping. C) is upward sloping because productivity of labor diminishes as more workers are employed. D) shifts rightward when the real wage rate rises.
Consumption spending refers to ________ spending on goods and services
A) government B) business C) foreign D) household
A game in which the players neither negotiate nor coordinate in any way is a
A) cooperative game. B) noncooperative game. C) zero-sum game. D) negative-sum game.
Private costs are:
a. the full resource costs of an economic activity. b. always less than social costs. c. the costs of an economic activity borne by the producer. d. all of these.