Which of the following is most likely to be a serious obstacle retarding the growth of less-developed nations?
a. a lack of knowledge about modern technology
b. a lack of natural resources
c. slow population growth
d. low capital formation as the result of a weak legal system
D
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Productivity is defined as the
a. amount of goods and services produced from each unit of labor input. b. number of workers required to produce a given amount of goods and services. c. amount of labor that can be saved by replacing workers with machines. d. actual amount of effort workers put into an hour of working time.
According to the research described in your text, which of the following is among the factors that would increase a firm's probability of exporting?
A) low domestic productivity B) high domestic labor costs C) high level of efficiency D) high R & D demands
If real GDP is $1,200 billion, the population is 60 million, and aggregate hours are 80 billion, labor productivity is
A) $6.67 an hour. B) $15.00 an hour. C) $150 an hour. D) $5.00 an hour. E) $20,000.
After reports of the subprime mortgage crisis began to appear in the media, which of the following most likely caused housing prices to fall?
a. neoclassical theory b. cyclical expectations c. rational expectations d. Keynesian theory