Rivalry among firms would tend to be highest if
a. the industry is growing quickly
b. the industry is growing slowly
c. the industry is shrinking
d. None of the above
c
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The market reliably allocates workers among jobs based on their attitudes toward risk, placing workers more willing to bear risk in riskier jobs
Indicate whether the statement is true or false
Economic growth is measured as:
a. the quarterly percentage change in nominal GDP. b. total output per year divided by the inflation rate. c. total nominal GDP at the end of each year. d. the percentage change in population growth per year. e. the annual percentage change in real GDP.
Currently, in the United States, you can expect the discount rate to be
a. used often to change the money supply. b. raised in periods of recession. c. fixed at the bank rate. d. adjusted to follow market rates of interest.
The fact that doctors are paid more than economics professors is an example of a compensating differential
a. True b. False Indicate whether the statement is true or false