The use of money ________ barter, and ________ economic specialization
A) eliminates the need for, increases
B) eliminates the need for, decreases
C) enhances the efficiency of, increases
D) enhances the efficiency of, decreases
A
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Suppose per capita real GDP grows by 7% per year. Based on the Rule of 70, approximately how many years will it take for the level of per capita real GDP to double?
A) 7 years B) 10 years C) 4.9 years D) none of the above
Producers' total revenue will decrease if
A) income increases and the good is a normal good. B) the price rises and demand is elastic. C) the price rises and demand is inelastic. D) income falls and the good is an inferior good.
A slowdown in labor productivity causes a slowdown in economic growth when all else is held constant
Indicate whether the statement is true or false
Refer to the above table. For each level of employment of labor shown
A) marginal product declines. B) marginal product holds constant. C) marginal product rises. D) marginal product falls for all employees beyond the 10th unit of labor.