What is the opportunity cost of 1 tractor in terms of automobiles for the U.S. and Japan, respectively?
A. 0.5 automobiles and 2 automobiles
B. 0.5 automobiles and 1 automobile
C. 2 automobiles and 1 automobile
D. 2 automobile and .25 automobiles
B. 0.5 automobiles and 1 automobile
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The marginal product of labor equals the value of marginal product of labor multiplied by the price of the output produced
Indicate whether the statement is true or false
Which of the following correctly states the relationship between GDP and GNP for the U.S.?
a. GDP equals GNP minus the net income of foreigners. b. GDP equals GNP plus the net income of foreigners. c. GDP equals GNP minus indirect business taxes. d. GDP equals GNP.
Which of the following does not contribute to an institutional structure that promotes economic growth?
A. A pro-business environment. B. Well-defined property rights. C. Entrepreneurial incentives. D. Policy uncertainty.
According to the hypothesis, when did structural stagnation begin?
A. The mid-1990s B. The mid-1970s C. The mid-1980s D. The mid-1960s