Which of the following best measures improvements in the standard of living of a nation?
A. growth of real GDP
B. growth of nominal GDP
C. growth of real GDP per capita
D. growth of national income
Answer: C
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The Solow model implies that continuous growth in productivity at a rate of one percent will result in continuous growth of output per worker at a rate of 1.43%
Thus, if at a point in time output per worker is 270 and productivity rises by one percent, the resulting level of output per worker is ________. A) 386 B) 273 C) 274 D) 277
What has been the market outcome of government-enforced price floors for agricultural products?
A) Not enough food has been produced. B) Farmers have been made worse off. C) A shortage of agricultural products has resulted. D) A surplus of agricultural products has resulted.
The Federal Reserve has the power to issue money, but does not influence interest rates.
Answer the following statement true (T) or false (F)
Every point on the joint production possibilities frontier represents
A) an initial endowment. B) inefficient production. C) the marginal rate of substitution of goods for each producer. D) at least one producer specializing in production.