Labor productivity is measured by:
A. the ratio of capital to labor.
B. real output per worker hour.
C. real output per capita.
D. the ratio of worker hours to real GDP.
B. real output per worker hour.
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The consumer price index measures the cost of:
A. a fixed basket of goods and services. B. all goods and services purchased by consumers. C. goods and services required to live above the poverty level. D. a changing basket of goods and services.
Answer the following statements true (T) or false (F)
1. The members of the Board of Governors of the Federal Reserve System are appointed by the U.S. president. 2. Members of the Board of Governors are appointed for five-year terms. 3. All members of the Board of Governors are members of the Fed’s Open Market Committee. 4. Each Federal Reserve Bank can issue Federal Reserve notes. 5. Each District Reserve Bank has branch banks.
Suppose that interdiction efforts have stemmed the flow of illegal drugs into the United States. If there is no change in demand, this leads to higher prices for these substances. The result is an increase in crime as users attempt to maintain their now more expensive habits. Economists would call this effect
A. the illusion of rationality. B. an externality. C. the cost disease of personal services. D. inflation. E. unemployment.
When would a government support through subsidies one of its domestic firms into becoming a worldwide monopoly in a market?
A. When the industry has extremely large economies of scale. B. When the world market will support only one firm. C. When the world market has diseconomies of scale. D. When the industry has extremely large economies of scale and When the world market will support only one firm are correct.