When examining the growth record of any nation
A) all that must be examined is increases in per capital real GDP.
B) no consideration should be given to the change in the average amount of leisure time in the nation.
C) increases in per capita real GDP must be considered along with how far the production possibilities curve has shifted.
D) we must consider which income groups have benefited most from the growth.
D
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If consumers' incomes increase and the demand for bus rides decreases
A) bus rides are a normal good. B) consumers are behaving irrationally. C) bus rides are an inferior good. D) none of the above.
Suppose an executive has a choice between two salary compensation packages. One guarantees him an income of $250,000 a year
The other would give allow him to earn an extra $50,000 a year if profits rise by 2% but receive a pay cut of $50,000 f they don't. Let's assume that there is a 50% chance that the profits could rise by 2% or more and a 50% chance that they won't. Explain why he might accept the $250,000 guaranteed salary. What would have to be true for him to accept the second salary compensation package?
Economic efficiency requires that
a. individuals produce at their maximum level. b. only long-lasting, high-quality products be produced without regard to cost. c. income be distributed equally among consumers. d. all economic activity generating more benefits than costs be undertaken.
Increases in both human capital per worker and physical capital per worker increase productivity
a. True b. False Indicate whether the statement is true or false