Compared to the 1948 – 1973 period, the period from 1973 to 1995 can be characterized as a period of
A. faster real GDP growth.
B. faster labor productivity growth.
C. slower labor productivity growth.
D. lower labor force growth.
Answer: C
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The key assumption required for us to use a linear variable cost function of the form VC = bq is that:
A) marginal cost must be constant and equal to b. B) marginal cost must be increasing at rate b. C) fixed costs must be zero. D) marginal cost is always greater than average variable cost.
A disadvantage of functional finance is that it: a. does not focus on producing the potential level of output in an economy
b. increases the level of unemployment during recessions. c. allows chronic deficits that magnify into national debt, allowing it to reach an alarming level. d. requires that the budget is balanced even during times of war. e. magnifies fluctuations in the business cycle.
Retired individuals:
a. Are always harmed by inflation. b. Are almost always helped by inflation. c. Are helped by inflation when it is unexpected. d. Are harmed by inflation when it is expected. e. Could be helped by inflation if their spending patterns are not like the average consumer.
Money’s function as a unit of exchange means that ______.
a. Jorge can compare the value of apples to the value of a new lamp b. Michael can deposit money into an account where it will be safely stored until a later date. c. Kelly can pay for her lunch using the $20 bill in her wallet. d. Calista can pay back a loan at a future date without risking great fluctuations in the value.