A diagram of a productivity curve has
A) real GDP per hour of labor on the y-axis and hours of labor on the x-axis.
B) capital per hour of labor on the y-axis and real GDP per hour of labor on the x-axis.
C) real wages per hour on the y-axis and real GDP per hour of labor on the x-axis.
D) real GDP per hour of labor on the y-axis and real wages per hour on the x-axis.
E) real GDP per hour of labor on the y-axis and capital per hour of labor on the x-axis.
E
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A monetary system is preferable over the barter system because of the problems associated with
A) the law of diminishing marginal utility. B) the law of increasing relative costs. C) the double coincidence of wants. D) cash leakages.
Bad health is an example of:
A. a social digression. B. a poverty trap. C. a societal trap. D. None of these is true.
A politician running for political office does not speak in general terms, does not try to move to the middle of the political spectrum, and does not take polls, therefore it follows that
A) the median voter model is wrong. B) rational ignorance does not exist. C) the free-rider problem does not exist. D) voter turnout is likely to rise. E) none of the above
Figure 10-3
In Figure 10-3, both graphs (a) and (b) indicate that the economy is experiencing a(n)
a.
recessionary gap of RE.
b.
recessionary gap of RG.
c.
inflationary gap of RG.
d.
inflationary gap of RE.