Heterogeneity and the dynamic nature of labor markets are the principal causes of ________ unemployment.
A. chronic
B. cyclical
C. structural
D. frictional
Answer: D
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If the average annual growth rate in real GDP for a nation during the last decade was 4 percent per year and the average annual population growth rate was 3 percent per year during the same period, then the average annual growth rate of per capita GDP was
A) 1.00 percent. B) -1.00 percent. C) 0.75 percent. D) 1.33 percent.
The default effect
A. refers to the observation that people tend to value something more highly when they own it than when they don't. B. refers to the observation that people tend to value something more highly when they don't own it than when they do. C. refers to the fact that when confronted with many alternatives, people sometimes avoid making a choice and end up with the option that is assigned as a default. D. refers to the observation that people do not have a strong attachment to the status quo.
A technological improvement in the production of good X causes the:
A. demand curve for X to shift to the right. B. demand curve for X to shift to the left. C. supply curve for X to shift to the right. D. supply curve for X to shift to the left.
Which of the following is a measure of economic growth that is most useful for comparing living standards?
A. Growth in nominal GDP B. Decreases in the rate of unemployment C. Increases in real GDP per capita D. Increases in real GDP