All ________ economies have been political dictatorships
A) mixed B) centrally planned C) market D) mixed and market
B
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Two of the most important factors that influence total factor productivity are
A) the stock of knowledge that the world possesses and the associated level of technology. B) the quantity and quality of labor available in an economy. C) capital accumulation and the total level of investment in an economy. D) population growth rates and the geographic location of the population.
In the short run, an increase in real GDP will
a. increase unit costs and increase the price level b. increase unit costs and decrease the price level c. decrease unit costs and decrease the price level d. decrease unit costs and increase the price level e. have no effect on unit costs or the price level
Using the exact formula, the nominal interest rate equals:
a. Real interest rate + Actual inflation + (Real interest x Actual inflation). b. Real interest – Expected inflation. c. Real interest + Expected inflation + (Real interest x Expected inflation). d. Real interest – Expected inflation – (Real interest x Expected inflation).
The demand for shoes is ________ than is the demand for sneakers because ________.
A. more price elastic; the scope of the market for shoes is more broadly defined B. less price elastic; the scope of the market for shoes is less broadly defined C. more price elastic; the scope of the market for shoes is less broadly defined D. less price elastic; the scope of the market for shoes is more broadly defined