If average labor productivity increases while population and the number of employed workers remain constant, then output per person:
A. increases.
B. decreases.
C. may increase or decrease.
D. remains constant.
Answer: A
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The primary determinant of patterns of interregional trade is
A) accidents of history. B) resource allocations. C) factor abundance. D) weather. E) centralized optimization.
An American soldier stationed in North Carolina receives a paycheck from the federal government for $300, which she uses to purchase a $100 MP3 player made in China by a Chinese firm and $200 for fruit and vegetables from a local farmers market. As a result, U.S. GDP increases by
a. $200. b. $300. c. $500. d. $600.
An industrially advanced country (IAC) is defined as a country with a GDP per capita among the top ____ countries in the world.
A. 10 B. 27 C. 39 D. 50
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.