In general, as productivity levels decrease, the potential for productivity growth
a. decreases.
b. increases.
c. remains the same.
d. decreases if GDP decreases.
b
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Liquidity is defined as
A) the ease with which a given asset can be converted to a store of value. B) the ease with which a given asset can be converted to a unit of account. C) the ease with which a given asset can be converted to a standard of deferred payment. D) the ease with which a given asset can be converted to a medium of exchange.
The latest news report stated that the housing market is making a comeback and that house prices are on the rise. This information is likely to:
A. increase demand for houses now due to a change in expectations of future prices. B. decrease demand for houses now due to a change in expectations of future prices. C. have no effect on the current housing market, but will increase demand in the future. D. have no effect on the current demand for housing, but will decrease current supply.
Which type of market structure contains a single buyer?
a. Monopoly. b. Monopsony. c. Oligopoly. d. Oligopsony.
A value of the absolute price elasticity of demand equal to 0.25 indicates that
A. a 1% decrease in price leads to a 2.5% increase in quantity demanded. B. a 10% decrease in price leads to a 25% increase in quantity demanded. C. a 10% decrease in price leads to a 2.5% increase in quantity demanded. D. a 0.25% decrease in price leads to a 1% increase in quantity.