If the growth rate of the labor force is 2 percent and the growth rate of productivity is 1.5 percent, the growth rate of total output is
A. 3.5 percent.
B. 1.33 percent.
C. 0.75 percent.
D. 0.5 percent.
Answer: A
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A perfectly competitive firm may, under some circumstances, be able to affect the market price.
Answer the following statement true (T) or false (F)
Because of increasing marginal cost, most supply curves
A) are horizontal. B) are vertical. C) have a negative slope. D) have a positive slope.
A classical economist believes that
A) if the economy was left alone, it would rarely operate at full employment. B) the economy is self-regulating and always at full employment. C) the economy is self-regulating and will normally, though not always, operate at full employment if monetary policy is not erratic. D) the economy is self-regulating and will normally, though not always, operate at full employment if fiscal policy is not erratic.
Regarding the frustration of purpose doctrine, which of the following statements is true?
a. the purpose for which seller entered into the contract has become illegal b. the purpose for which buyer entered into the contract has become illegal c. the purpose of the contract has become illegal d. the contract no longer facilitates deferred exchange