For a given year, productivity in a particular country is most closely matched with that country's
a. level of real GDP over that year.
b. level of real GDP divided by hours worked over that year.
c. growth rate of real GDP divided by hours worked over that year.
d. growth rate of real GDP per person over that year.
b
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According to your authors, America's Great Depression of the 1930s was evidence of
A) an unstable free market system B) rampant greed among entrepreneurs. C) a cluster or accumulation of errors. D) antagonistic interests among the propertied and nonpropertied classes. E) all of the above.
A competitive market maximizes social welfare because in a competitive market,
A) profits are zero. B) price equals marginal cost of the last unit produced. C) price equals average cost of the last unit produced. D) there is free entry and exit.
Which of the following could prevent the opportunistic behavior of firms?
A) efficient contracts B) good reputation C) revealing relevant information about firms D) All of the above
An individual consumes only two goods, X and Y. Which of the following expressions represents the utility maximizing market basket?
A) MRSxy is at a maximum. B) Px/Py = money income. C) MRSxy = money income. D) MRSxy = Px/Py. E) all of the above