Privatization results in
a. a return to economic liberalism.
b. a reduction in government economic functions.
c. guaranteed improvement in consumer service.
d. diminishing returns.
b. a reduction in government economic functions.
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If an inflation forecast is based on last year's inflation rate, it is said to be
A) historical. B) rational. C) logical. D) adaptive.
If an economy's population grows at 3 percent and GDP grows at 4 percent, then:
a. per capita real GDP is declining. b. the economy's standard of living is decreasing. c. per capita real GDP is negative. d. per capita real GDP is growing. e. the economy is experiencing unemployment.
Which of the following is TRUE about the long run?
A) All resources are variable. B) All resources are fixed. C) At least one resource is fixed. D) none of the above
A firm has the following production relationship between labor and output, for a fixed capital stock.
According to the above table, what is the average product of labor when five laborers are employed?
A. 5.2 B. 5.75 C. 6 D. 3