Over the entire period since 1950, average labor productivity in the United States has ________ although between 1973 and 1995 the rate of change ________.
A. decreased; slowed
B. increased; slowed
C. decreased; accelerated
D. increased; accelerated
Answer: B
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A farmer has 200 acres of land on which he can grow soybeans or corn. An acre of land yields 200 bushels of soybeans or 100 bushels of corn. The figure above refers to the farmer’s A) production possibilities curve. B) substitution options curve. C) trade—offs curve. D) opportunity cost curve,
Which of the following is NOT an important determinant of collusion in pricing games?
A. The history of the particular market. B. The punishment mechanisms that are in place. C. The number of firms in the industry. D. None of the answers is correct.
A reduction in which of the following variables will cause an increase in the amount of money individuals wish to hold in the current period?
A) current income B) the current nominal interest rate C) the current real interest rate D) expected future income E) all of the above
Adam Smith is the father of modern economics
a. True b. False Indicate whether the statement is true or false