Over the last ten years productivity grew more slowly in Iberia than in Aire while the population and total hours worked remained the same in both countries. It follows that
a. real GDP per person must be lower in Iberia than in Aire.
b. real GDP per person grew more slowly in Iberia than in Aire.
c. the standard of living must be higher in Iberia than in Aire.
d. All of the above are correct.
b
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The Illyrian economy has 1000 people in the labor force. 100 people don't have jobs but are searching for work, another 100 people would like to have jobs but quit searching because of poor job prospects, and another 100 people don't work and don't
want to work. What's the rate of unemployment? A) 10 percent B) 20 percent C) 30 percent D) 100 percent E) None of the above.
In general but not always, economic growth:
A. causes economic development, but development does not cause growth. B. does not cause economic development, but development causes growth. C. does not cause economic development, and development does not cause growth. D. causes economic development, and development causes growth.
Fannie Mae and Freddie Mac are important in the mortgage industry because:
a. They regulate banks and make sure their underwriting standards meet strict standards. b. They purchase mortgages, bundle them, insure them, and then sell mortgage-backed securities to investors. c. Their mandate is to develop a secondary market in global mortgage markets. d. They originate mortgages, purchase them, bundle them, insure them, and then sell mortgage-backed securities to investors. e. None of the above.
The Social Security program is financed directly from
A) voluntary contributions by the elderly. B) sales taxes on goods with inelastic demand. C) payroll taxes. D) poll taxes.