Refer to the above table. All real GDP numbers are expressed in terms of the purchasing power of dollars in
A. 2017.
B. 2018.
C. 2019.
D. 2020.
Answer: B
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If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
If you focus on interest-rate risk, can you explain why banks offer higher interest rates on longer-term CDs than they do on short-term CDs?
What will be an ideal response?
If all firms pay an efficiency wage, then
A) there is no cost to shirking because the shirking worker can receive his high wage at another firm after being caught and fired. B) the macroeconomy would enjoy a prolonged period of near-zero unemployment. C) there is a cost to shirking because the efficiency wage is less than it would have been if only a few firms paid it. D) there is a cost to shirking because the shirking worker will spend a greater time unemployed after being caught and fired.
Workers prefer layoffs to wage reductions during economic downturns because
A) layoffs benefit workers more than the firms. B) workers try to provide firms with incentives to report true economic conditions. C) firms will keep workers even during economic downturns to avoid more costs. D) there is symmetric information.