Whenever average output produced per worker during a specific time-period increases, then
A. leisure time increases.
B. nominal GDP decreases.
C. the standard of living goes down.
D. labor productivity increases.
Answer: D
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An increase in the real interest rate does which of the following?
A) increases the demand for loanable funds B) reduces saving C) reduces consumption spending D) reduces the demand for loanable funds
The portion of a government's indebtedness owed to foreigners is
A. external debt. B. internal debt. C. not recoverable. D. net debt.
Government deficits of one generation cannot affect the standard of living of the next generation
a. True b. False Indicate whether the statement is true or false
A busy country store is the only producer and distributor of maple sausages in New Hampshire. It calculates that if it sets MR = MC, it will sell 2,000 sausages at a price of $10 and make a total economic profit of $6,000 . Instead, the store decides to charge a price of $8 . We can infer that the store
a. is lowering the price so that it can earn more than $6,000 total profit b. is operating in a contestable market so it is pricing the sausages to keep out competition c. will now sell fewer sausages according to the law of demand d. is now operating at a loss of $1 per sausage e. hopes that its demand is inelastic so that total revenue will increase