In 2011, real GDP in the United States was $60 per hour worked. In major European economies, real GDP averaged on $48 per hour worked. This difference is explained by the points that ________ and ________
A) Americans work the same number of hours per week as Europeans on average; Americans are less productive due to technology differences
B) Americans are equally as productive as Europeans; Americans work more hours on average
C) Americans take more vacations than Europeans; Americans take more sick days than Europeans
D) Americans work more hours than Europeans; Americans produce more per hour than Europeans
E) Americans work less hours than Europeans; Americans take less sick days than Europeans
D
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A player is playing a mixed strategy when:
A. he chooses a rule to randomize over the choice of a strategy. B. he chooses a strategy without randomizing. C. there is no uncertainty in his choice. D. it is perfectly predictable.
If government increased Social Security benefits and decreased the salaries of government workers by the same amount, which of the following is the expected immediate effect? a. An increase in the budget deficit and government purchases of goods and services
b. An increase in the budget deficit, but no change in government purchases of goods and services. c. An increase in the budget deficit and a decrease in government purchases of goods and services. d. No change in the budget deficit because there has been no change in government purchases of goods and services. e. No change in the budget deficit because government purchases of goods and services have decreased by the same amount as transfer payments have increased.
Of the following goods, which is most likely to be quite inelastic?
a. gasoline b. Chevrolet automobiles c. fresh tomatoes d. provolone cheese
A perfectly competitive firm is producing zero units of output in the short run. We know that price is
A) below the minimum point of its average fixed cost curve. B) below the minimum point of its average variable cost curve. C) below the minimum point of its average total cost curve. D) between the minimum points of its average total cost curve.