The growth of real GDP per person in the United States between 1960 and 2016 was the result of:
A. neither the growth in average labor productivity nor the share of population employed.
B. growth in both average labor productivity and the share of population employed.
C. growth in the share of population employed only.
D. growth in average labor productivity only.
Answer: B
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In a repeated prisoner's dilemma, players:
A. always play their dominant strategy. B. never learn to play their dominant strategies. C. can sustain cooperation by playing their dominant strategy. D. can sustain cooperation by employing a tit-for-tat strategy.
When economy-wide business fluctuations are negative, they are referred to as
A) contractions/recessions. B) booms. C) expansions. D) peaks.
Erbia can produce either 18 pounds of oranges or 9 pounds of apples an hour, while Glassen can produce either 16 pounds of oranges or 4 pounds of apples an hour. Which of the following terms of trade between apples and oranges would allow both Erbia and Glassen to gain from specialization and exchange?
a. 1 pound of oranges for 0.2 pounds of apples b. 2 pounds of apples for 3 pounds of oranges c. 3 pounds of apples for 3 pounds of oranges d. 1 pound of apple for 3 pounds of oranges
If the FOMC orders the sale of T-bills in the open market, then bank reserves are
A. decreased, but the money supply will remain unchanged. B. decreased, and a multiple contraction of the money supply will occur. C. increased, but the money supply will remain unchanged. D. increased, and a multiple expansion of the money supply will occur.