The average annual growth rates of labor productivity from 1947 to 1973 were ________ the average rates over the period from 1973 to 1995.
A. more rapid than
B. more rapid in the U.S., but slower in other industrialized countries than
C. slower than
D. about the same as
Answer: A
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Rising wages can be explained by which of the following?
A. Labor supply is highly sensitive to changes in labor productivity. B. Labor demand increases more rapidly than labor supply. C. Labor demand is stable and predictable. D. Labor supply increases more rapidly than labor demand.
Refer to the above figure. At real GDP of $3 trillion, actual investment equals
A. planned investment of $0.5 trillion. B. unanticipated inventory adjustments of $0.5 trillion. C. actual saving of $1 trillion. D. planned saving of $1 trillion.
The present value of $1,000 to be received one year from now
A. is always $1,100. B. is always $1,000. C. is always $900. D. cannot be determined without knowing the interest rate.
The MB curves in the diagram slope downward because of the law of:
A. conservation of matter and energy.
B. diminishing returns.
C. diminishing marginal utility.
D. increasing cost.