If the per-worker production function shifts down,
A) the per-worker production function becomes steeper.
B) it now takes more capital per hour worked to get the same amount of real GDP per hour worked.
C) an economy can increase its real GDP per hour worked without changing the level of capital per hour worked.
D) positive technological change has occurred in the economy.
B
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If a cartel is unable to monitor its members and punish those firms that violate their agreement, then
A) the member firms will each act as price setters. B) the cartel will prosper in the long run. C) the market will become a monopoly. D) the cartel will fail.
Democracy tends to push politicians toward the ideal point of the ______ voter.
A. median B. first C. final D. representative
In Macroland, 500,000 of the 1 million people in the country are employed. Average labor productivity in Macroland is $20,000 per worker. Real GDP per person in Macroland totals:
A. $40,000. B. $15,000. C. $10,000. D. $1,000.
Which of the following does not provide an example of network externalities?
A. The telephone system B. A language C. A patent D. The Internet