If there is a change in the ability of a firm to produce a given level of output with a given level of inputs, we say there is
A) an increase in labor productivity.
B) a movement along a given per-worker production function.
C) technological change.
D) human capital investment.
C
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Why is growth in GDP different from growth in a nation's standard of living? Is it possible for a nation's GDP to grow while its standard of living falls?
What will be an ideal response?
Given the assumptions of the classical model
A) the economy will often experience recessions and expansions. B) expansion will be the normal condition, but recessions will often be severe and require government intervention. C) the macroeconomy is erratic, and problems will often be increased over time. D) the market is a self-correcting mechanism.
Which of the following is not true about The American Recovery and Reinvestment Act of 2009:
A. it is more commonly known as the "stimulus plan." B. it Increased government spending. C. it included tax cuts. D. It privatized social security system.
Ceteris paribus means
A) other variables are held constant. B) almost certainly. C) only if everything works just right. D) perhaps.