Which one of the following describes the current state of economic development in the United States?
A. Employment is declining in the manufacturing sector and growing in the service sector.
B. Employment is declining in the manufacturing sector and growing in the agricultural sector.
C. The lack of well-defined property rights in the United States means that entrepreneurs do not expect to capture the benefits of innovations they bring to the marketplace.
D. The United States is running out of natural resources, and therefore it will soon experience a drop in the rate of economic growth.
Answer: A
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The purchase of a computer by a person for household use would be counted in what category of GDP?
A. The purchase is included as part of investment. B. The purchase is not included in GDP at all, but the value of services the computer gives is included in consumption each year. C. The purchase is counted as consumption if the computer was manufactured in the United States; otherwise, it is ignored. D. The purchase is always counted as consumption.
A decrease in the real wage rate
A) shifts the labor demand curve rightward. B) shifts the labor demand curve leftward. C) shifts the labor supply curve leftward. D) none of the above because a change in the real wage rate does not shift either the labor demand or labor supply curve.
The cross-price elasticity of demand between two goods that are substitutes can never be:
A. negative. B. less than one. C. positive. D. greater than one.
U.S. productivity grew the fastest in which of the following decades?
A. 1960s B. 1970s C. 1980s D. 1990s