Which of the following statements are CORRECT?
I. The average economic growth rate in real GDP per person in the United States over the last century was 5 percent per year
II. The United States has the highest economic growth rate of any nation.
A. II only
B. neither I nor II
C. both I and II
D. I only
Answer: B. neither I nor II
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A firm wants to minimize the total cost of producing 100 tons of dynamite. The firm uses two factors of production, chemicals and labor. The combination of chemicals and labor that minimizes production costs will be found where
A) the marginal products of chemicals and labor are equal B) the ratio of the amount of chemicals used to the amount of labor used equals the ratio of the marginal product of chemicals to the marginal product of labor C) the ratio of the amount of chemicals used to the amount of labor used equals the ratio of the price of chemicals to the wage rate D) the production of an additional unit of dynamite costs the same regardless of whether chemicals or labor are used E) none of the above
If the mangers of Special Cakes, a large bakery, acquire an egg farm to produce the eggs for their cakes, the managers of Special Cakes are likely to experience all of the following except which one?
A) an increase in their required areas of expertise B) an increase in managerial diseconomies C) a decrease in managerial diseconomies D) an increase in the complexity of coordination of Special Cakes
Which of the following is a macroeconomic subject?
a. international shipping rates b. price of French wine c. price of Japanese cars d. the rate of growth in the Canadian economy e. home mortgage rates in Brazil
When the current account is in deficit, the capital account must
A. be balanced. B. be zero. C. not add to the deficit. D. have an equal and offsetting surplus.