When an economy experiences a one-time increase in productivity, there is an increase in the long-run, steady state value of ________
A) the growth rate of output
B) the depreciation rate
C) consumption per worker
D) the saving rate
C
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If Bonnie can produce either 20 hats or 10 scarves in a month, and Phil can produce either 5 hats or 10 scarves in a month, then
A) Bonnie is more efficient at producing hats, compared to Phil. B) Bonnie is equally efficient at producing scarves, compared to Phil. C) both A and B above are true. D) none of the above are true.
An import quota is an example of
A) a price ceiling. B) a price floor. C) a queuing device. D) a quantity restriction.
The statement "Every contract, combination in the form of a trust or otherwise, or conspiracy, in restraint of trade or commerce . . ." is found in the
A) Sherman Antitrust Act. B) Clayton Antitrust Act. C) Robinson-Patman Act. D) Interstate Commerce Commission Act.
Keynesian economists tend to believe that the private sector of the economy (households and businesses) is inherently
A. very stable in its consumption and investment decisions. B. unstable in its consumption and investment decisions. C. smaller than the foreign trade sector of the economy.