If real GDP per person in a country equals $40,000 and 60 percent of the population is employed, then average labor productivity equals:
A. $66,667.
B. $40,000.
C. $60,000.
D. $24,000.
Answer: A
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Workers expect inflation to rise from 3% to 5% next year. As a result, this should
A) move the economy down along a stationary short-run aggregate supply curve. B) move the economy up along a stationary short-run aggregate supply curve. C) shift the short-run aggregate supply curve to the left. D) shift the short-run aggregate supply curve to the right.
The allocatively efficient amount of pollution prevention would occur when
a. the total social benefits of pollution prevention equals the total social costs of pollution prevention b. the total social costs of pollution prevention are minimized c. the marginal social benefits of pollution prevention equals the marginal social costs of pollution prevention d. none of the above
If the demand curve faced by a firm is horizontal, then the firm is ________ and a ________.
A. perfectly competitive; price taker B. perfectly competitive; price maker C. a monopoly; price taker D. a monopoly; price maker
Rents
A. have no useful economic purpose. B. have a distributional function since they affect incomes, but have no allocative function since the resource is in fixed supply. C. have an allocative function since they help decide to which use a resource will be put. D. have an economic purpose only if they are taxed and provide revenue to the government.