The average annual growth rates of labor productivity from 1948 to 1973 were ________ the average rates over the period from 1973 to 1995.
A. more rapid in the U.S., but slower in other industrialized countries than
B. about the same as
C. more rapid than
D. slower than
Answer: C
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According to the data in the table above,
A) the standard of living worsened between year 1 and year 2. B) the standard of living improved between year 1 and year 2. C) real GDP grew more slowly than population between year 1 and year 2. D) as measured by real GDP per person, the standard of living remained the same between year 1 and year 2. E) real GDP grew more rapidly than population between year 1 and year 2.
The "before and after" specification, binary variable specification, and "entity-demeaned" specification produce identical OLS estimates
A) as long as there are observations for more than two time periods. B) if you use the heteroskedasticity-robust option in your regression program. C) for the case of more than 100 observations. D) as long as T = 2 and the intercept is excluded from the "before and after" specification.
Fiscal policy:
a. Is a powerful tool because budget deficits add directly to Aggregate Demand with no offsetting changes in consumption, investment, and/or net exports. b. May not be a powerful tool if most government expenditures are fixed and unchangeable in the short run. c. Is not a powerful tool because the government has very little control over a nation's monetary base and/or money multiplier. d. Is a powerful tool because of the decisive movements in the automatic stabilizers.
When the U.S. dollar drops in value exports tend to:
A. go up, which increases the trade deficit. B. fall, which increases the trade deficit. C. fall, which decreases the trade deficit. D. go up, which decreases the trade deficit.