Economic growth can be defined as
A) the rate of growth in the productivity of labor.
B) the rate of growth in the productivity of capital.
C) the rate of growth of labor plus the rate of depreciation of capital.
D) the rate of growth of labor plus the rate of growth of capital plus the rate of growth in the productivity of labor and capital.
D
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Some economists argue that Okun's Law overstates the cost of cyclical unemployment because
A) the cost of retraining workers must be offset against the loss in output that occurs when workers are unemployed. B) if efficiency wages prevail, and workers are paid their real wage, already employed workers will reduce their effort, reducing output. C) it ignores the fact that leisure increases during a recession. D) it ignores the loss of government revenue and additional government expenditures that occur when unemployment rises.
Positive economics deals with
a. value judgments b. how the economy does work c. how the economy should work d. how the federal government should operate e. what the price level should be
Behavior designed to take account of the reactions of one’s rivals to one’s own behavior.
We would expect the aggregate demand curve to be
A. Vertical. B. Horizontal. C. Upward sloping. D. Downward sloping.