Since 1973, the average annual growth rate of real GDP per person in the United States has been slower than the average annual growth rate in
A) Germany and Canada.
B) France and Italy.
C) Japan and United Kingdom.
D) France and Canada.
C
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one car is ________ pound(s) of cheese.
A. 1/250 B. 500 C. 1/20 D. 250
In a two-person repeated game, a tit-for-tat strategy is
a. When each player pursues his or her own self-interest without any cooperation b. When players start off as non-cooperative and then cooperate when one or both players show interest in colluding c. When players start off by cooperating and then mimic the other player's last move d. With neither players defecting
Which statement is false?
A. Rent is an excellent means of efficiently allocating the use of scarce land. B. Economists dislike the way the price mechanism works because it leads to extremely high rents and interest rates. C. The interest rate is especially important to long-term investment projects. D. The projected long-term corporate profits are important when considering investment projects.
The reserve-requirement ratio
A. is raised for banks that frequently use the Federal Reserve's discount window. B. applies uniformly to all accounts in all financial institutions. C. has been a relatively passive tool of monetary policy. D. implies a potential deposit expansion multiplier of approximately sixteen.