Commodity products are
a. rare and expensive
b. patented and licensed
c. highly differentiated
d. uniform or standardized
e. ones without impurities
D
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If labor productivity growth slows down in a country, this will
A) slow down the increase in real GDP per capita. B) accelerate the increase in nominal GDP. C) slow down the increase in nominal GDP. D) accelerate the increase in real GDP per capita.
The making and selling of a pencil for ten cents would likely NOT be possible, but for
A) relative advantage. B) the production possibilities curve. C) absolute advantage. D) the division of labor.
Which of the following helps low income countries grow rapidly relative to high income countries?
a. Low income countries are in a better position to save a larger share of their income. b. Low income countries can copy (or borrow at a low cost) technologies and practices that have been successful in high income countries. c. Low income countries generally have legal systems that protect property rights and enforce contracts in a more evenhanded manner. d. Low income countries generally have more favorable weather
A defined contribution pension program is one in which
A. those in the plan, as well as their employer, contribute to an account according to a formula, and the investment of that account is under the control of the employee. B. the plan defines eligibility for retirement and benefits according to a set of rules and a formula. C. everyone gets the same amount, regardless of how much they work. D. benefits are untaxed.