Why would macroeconomists rate economic performance in Speed-Nation superior to that in Stag-Nation? Speed-Nation has
A) milder business cycles.
B) more volatile business cycles.
C) faster economic growth.
D) larger real GDP gaps.
E) smaller real GDP gaps.
C
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The principle that individuals and firms pick the activity level where the incremental benefit of that activity equals the incremental cost of that activity is known as the
A) spillover principle. B) principle of diminishing returns. C) principle of opportunity cost. D) marginal principle.
A ham and cheese sandwich at the local deli costs $4.99 in 2005. If the CPI in 2005 was 90.0 and the CPI today is 121.0, the equivalent price for the ham and cheese sandwich today is
A) $6.71. B) $5.29. C) $4.99. D) $6.04. E) $5.54.
Suppose that the value of the short-run absolute elasticity of demand for a good is 0.3. Then, we know the long-run absolute price elasticity of demand will be
A) 0. B) greater than 0.3. C) elastic. D) less than 0.3.
In a particular country in 1998, the average worker needed to work 25 hours to produce 40 units of output. In that same country in 2008, the average worker needed to work 40 hours to produce 68 units of output. In that country, the productivity of the average worker
a. decreased by 1.7 percent between 1998 and 2008. b. remained unchanged between 1998 and 2008. c. increased by 4.75 percent between 1998 and 2008. d. increased by 6.25 percent between 1998 and 2008.