Productive efficiency refers to:
A. the use of the least-cost method of production.
B. the production of the product mix most wanted by society.
C. the full employment of all available resources.
D. production at some point inside of the production possibilities curve.
Answer: A
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In the endogenous growth model presented in the text, suppose that u represents the fraction of time spent working (as opposed to accumulating human capital), b represents the efficiency of human capital accumulation, H represents the amount of human
capital, and z represents the marginal product of efficiency units of labor. Consumption equals A) buH. B) zuH. C) buz. D) buzH.
The nominal interest rate is:
A. the everyday notion of the interest rate adjusted for inflation. B. the reported interest rate, adjusted for the effects of inflation. C. the amount of interest the bank charges you for saving or pays you for borrowing. D. the amount of interest the bank pays you for saving or charges you for borrowing.
Why is the current U.S. tax-treatment of health insurance purchased through one's employer discriminatory?
a. Health insurance should not be a tax-deductible expense for anyone. b. The system gives preferential tax treatment to self-employed individuals. c. The system imposes higher taxes on the direct purchase of health insurance because it is not tax deductible. d. The system gives preferential tax treatment to people who purchase health insurance directly from a provider.
Which of the following is a case of frictional unemployment.
What will be an ideal response?