The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur?
A) Capital per hour worked grew rapidly from 1950 to 1980, but technological change occurred very slowly.
B) Increasing implementation of new technologies eventually suffered diminishing marginal returns.
C) Capital per hour worked grew slowly, but technological change grew very rapidly.
D) The centrally planned economy invested too heavily in technological change.
A
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Refer to the scenario above. The price of a basket of goods worth $1 in the U.S. is ________ in Country 1
A) 50 karls B) 5 karls C) 20 karls D) 25 karls
The term structure of interest rates
A) represents the relationship among the interest rates on bonds that are otherwise similar but that have different maturities. B) reflects differing tax treatment received by different instruments. C) always results in an upward-sloping yield curve. D) usually results in a downward-sloping yield curve.
Which of the following is most likely produced in a monopolistically competitive market?
a. soybeans b. autos c. fast food d. oil e. local phone service
___________________ is about the number of firms, and ________________ is about the variety of products.
A. Monopolistic competition; oligopoly B. Oligopoly; monopolistic competition C. Perfect competition; monopoly D. Monopoly; oligopoly