To what do economists attribute the rapid growth of labor productivity in the United States relative to other countries?
A) the flexibility of U.S. labor markets and the efficiency of the U.S. financial system
B) the high level of unemployment benefits the United States pays relative to other countries like Canada
C) the strict government rules in the United States that regulate a firm's ability to hire and fire workers
D) the low rate of job mobility in the United States
A
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Compared to a monopolistic competitor, a monopoly producer who was currently earning economic profits: a. would face a more elastic demand curve
b. would face a less elastic demand curve. c. could continue to earn economic profits for a longer period of time. d. would be characterized by both (b) and (c).
The capital account records all international purchases and sales of stocks, bonds, real estate, businesses, and bank accounts
a. True b. False Indicate whether the statement is true or false
Which of the following statements draws a false conclusion?
A. Life expectancy in an average African country is lower than in an average European country; therefore Europeans can expect to outlive Africans. B. Nations that currently produce no capital goods, and whose inhabitants are hungry, risk famine with internally funded capital investments. C. Some African nations have substantially more food and capital investment than others; therefore, their standard of living is higher. D. Population reduction policies, if effective, can improve the nation's wealth by increasing real per capita GDP.
"Effective demand" represents which of the following?
A) money demand B) demand for exports C) domestic demand D) the demand for labor E) aggregate demand