During the second half of the nineteenth century and first half of the twentieth century, per capita incomes on the West Coast of the US were ___ than the national average, and per capita incomes in the South were ___ than the national average
a. lower, higher.
b. higher, lower.
c. lower, lower.
d. higher, higher.
b. higher, lower.
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A one-unit increase in government expenditures should, according to the model, increase GDP by
A) 0. B) between zero and one unit. C) one unit. D) more than one unit.
Technological innovations and the increasing mechanization of industry:
a. have led to long-run aggregate unemployment that is difficult to eradicate. b. have led to lower wages for skilled workers. c. mean higher prices for consumers. d. ultimately create new jobs that replace old jobs.
Caleb teaches economics at Yucky State University and is paid $50,000 per year. He also provides economic forecasts for local business for which he charges $100 per hour. Which of the following is true?
a. all of Caleb's income is salary b. some of Caleb's income is salary and some is personal interest c. all of Caleb's income is proprietor's income d. some of Caleb's income is salary and some is proprietor's income e. all of Caleb's income is personal interest
Which of the following is true of marginal revenue product (MRP) and marginal product (MP)?
a. MRP = MP ? price, whether the firm is a price searcher or not. b. MRP = MP ? price only if the firm is a price searcher. c. MRP = MP ? price only if the firm sells in a perfectly competitive market. d. MRP = MP ? marginal cost only if the firm is a price searcher. e. MRP = MP/price only if the firm is a price taker.