An increase in labor productivity necessarily means an increase in real GDP per capita if:
a. real GDP increases
b. the employment growth rate is greater than the population growth rate.
c. the employment growth rate is less than the population growth rate.
d. the size of the labor force remains constant.
e. real GDP increases more rapidly than nominal GDP.
b
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In the above figure, if the market quantity is restricted to 500,000 and the price is allowed to rise to set the quantity demanded equal to the quantity supplied, then the producer surplus is equal to
A) area D + area F. B) area C + area E. C) area A + area B + area C. D) area A + area B. E) area B + area D + area F.
Which of the following is NOT an important criterion for whether a good will be usable as a medium of exchange?
A) The good must be of standardized quality. B) The good must be valuable relative to its weight. C) The good must have value even if it were not being used as money. D) The good must be durable so that value is not lost through product spoilage.
Real interest rates were negative during most of the
A) 1960s. B) 1970s. C) 1980s. D) 1990s.
In which of the following cases does the Robinson-Patman act not apply?
a. There are no cost differences to serving different groups b. Discounts are never offered to meet competition c. The industry does not engage in promotional allowances d. All of the above