Related to the Economics in Practice on page 154: According to the Economics in Practice feature, productivity of the firms participating in the United States Technical Assistance and Productivity Program
A. grew by 15 percent in the first year and continued to grow for more than a decade afterward.
B. doubled during the first two years and then declined for the rest of the decade.
C. started off declining for the first decade but then grew during the second decade.
D. grew only slightly in the first few years and then stopped growing in the years that followed.
Answer: A
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Which of the following is not a limitation of the survivor technique for measuring the optimum size of firms within an industry?
a. since the technique does not employ actual cost data in the analysis, there is no way to assess the magnitude of the cost differentials between firms of varying size and efficiency. b. the managerial and entrepreneurial aspects of the production process are not included in the analysis c. because of legal factors, the long-run cost curve derived by this technique may be distorted and may not measure the cost curve postulated in economic theory d. a and b e. b and c
In a simple economy (no government sector), the equilibrium level of GDP will be less than the full employment level of income if, at the full employment level of income, the
a. saving that consumers want to do is less than investing that businesses want to do. b. saving that consumers want to do is greater than investing that businesses want to do. c. saving that consumers want to do is less than spending that consumers want to do. d. inventories are being depleted.
An example of a good that is rival in consumption is:
A. public utilities. B. a hamburger. C. national defense. D. radio signals broadcast over the air.
A measure of GDP in which quantities produced are valued at current-year prices is called:
A. nominal GDP. B. physical GDP. C. base GDP. D. real GDP.