Which measure of productivity is calculated as a residual?
A. Labor force productivity
B. Labor force participation
C. Real GDP
D. Total factor (or multifactor) productivity
Answer: D
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A headline states: "Real GDP falls again as the economy slumps." This condition is most likely to produce what type of unemployment?
A. natural B. frictional C. structural D. cyclical
For most less-developed countries, the proven technologies of the high-income countries are readily available. Why hasn't this always led to economic growth for these low-income countries?
A consumer with a limited income will maximize utility when each good is purchased in amounts such that the
A. marginal utility of each good in a bundle is maximized. B. total utility is the same for each good in a bundle. C. marginal utility per dollar spent on each of the final choices in a bundle is equal. D. marginal utility per dollar spent on each of the final choices in a bundle is maximized for each good.
A policy in which ________ actively pick(s) industries to support as a base for economic development is known as industrial policy.
A. a government B. the International Monetary Fund C. microfinanciers D. the World Bank