A graph showing all the combinations of capital and labor that can be used to produce a given amount of output is a(n)
A. production function.
B. isocost line.
C. isoquant.
D. indifference curve.
Answer: C
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A country with a real GDP per person similar to real GDP per person in the United States but with limited political freedom is generally considered to have
A) a lower standard of living than the United States. B) a larger Human Development Index because the other country still needs to develop more political freedom. C) the same standard of living as the United States. D) an understated GDP. E) an overstated nominal GDP.
When disposable income is 2,000.
A. savings is zero.
B. consumption is 2,000.
C. consumption equals disposable income.
D. All the choices are true.
The supply of labor curve has a ________ slope because as the real wage rate rises, ________
A) positive; the opportunity cost of leisure rises B) negative; households work more hours C) positive; the opportunity cost of leisure falls D) positive; firms offer more jobs E) negative; firms hire fewer workers
At its most basic level, economic growth depends on
A) creating the right incentives. B) saving by the government. C) government leadershi