All of the following are characteristics of perfect competition EXCEPT
A) homogeneous products.
B) each firm is a price taker.
C) product differentiation.
D) a lack of barriers.
Answer: C
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For the past 30 years, labor's share of national income ________ while labor productivity ________
A) fell dramatically, increased B) remained roughly constant, dropped C) remained roughly constant, increased D) increased modestly, dropped
The nominal interest rate is:
A. the everyday notion of the interest rate adjusted for inflation. B. the reported interest rate, adjusted for the effects of inflation. C. the amount of interest the bank charges you for saving or pays you for borrowing. D. the amount of interest the bank pays you for saving or charges you for borrowing.
Why do college graduates earn higher wages than non-graduates?
What will be an ideal response?
The aggregate production function relating real GDP to labor hours
A) has a constant slope. B) has a negative slope. C) has a positive slope and becomes steeper as employment increases. D) has a positive slope and becomes less steep as employment increases.