Productivity:
a. increased slightly from 1970 to 1980.
b. rose rapidly after World War II.
c. is a fundamental determinant of real wages.
d. All of the above are correct.
e. Only b and c are correct.
d. All of the above are correct.
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Opportunity cost always arises when a trade-off decision is made.
Answer the following statement true (T) or false (F)
Two nations have the following production capacity given their endowment of resources. Country A can produce 50 units of beer or 80 units of pizzas. Country B can produce 100 units of beer or 90 units of pizzas. Which of the following statements is most appropriate?
A. Country A has a comparative advantage in beer and Country B has an absolute advantage in pizzas. B. Country A has a comparative advantage in pizza and Country B has a comparative advantage in beer. C. Country A should specialize in pizza and Country B in beer making. D. Both answers b and c are correct.
Which of the following occurs as firm size grows?
A. A decrease in the number of managers needed. B. A loss of opportunity cost. C. Administrative and bureaucratic costs rise at an increasing rate. D. A decrease in transaction costs.
Suppose there are 5 million unemployed workers seeking jobs. After a period of time, 1 million of them become discouraged over their job prospects and cease to look for work. As a result of this, all else equal, the official unemployment rate would:
A. decline. B. increase. C. increase in the short run but eventually decline. D. be unchanged.