As a country's human capital increases, we observe that
A. Sector service jobs decreases.
B. Worker productivity increases.
C. Labor-intensive production processes increases.
D. None of the choices are correct.
Answer: B
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The political business cycle refers to the possibility that:
a. incumbent politicians will be reelected regardless of the state of the economy. b. politicians will manipulate the economy to enhance their chances of being reelected. c. there are more recessions prior to elections. d. recessions coincide with election years.
In which of the following games is it clearly the case that the cooperative outcome of the game is good for the two players and bad for society?
a. Two oil companies own adjacent oil fields over a common pool of oil, and each company decides whether to drill one well or two wells. b. Two airlines dominate air travel between City A and City B, and each airline decides whether to charge a "high" airfare or a "low" airfare on flights between those two cities. c. Two superpowers decide whether to build new weapons or to disarm. d. In all of the above cases, the cooperative outcome of the game is good for the two players and bad for society
When the CPI is 300, a real GDP of $8 trillion is demanded in a given year. If the CPI is 250, which of the following could be the real GDP demanded?
A. $10 trillion B. $8 trillion C. $6 trillion D. $4 trillion
When measured as a share of the total federal budget, entitlement spending has doubled over the last 50 years
Indicate whether the statement is true or false