Growth of real GDP per person is totally determined by the growth of average:
A. labor force participation and the share of income going to capital.
B. labor productivity and the proportion of the population employed.
C. labor force participation and the share of the population employed.
D. labor productivity and the proportion of the population in the labor force.
Answer: B
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Which of the following best describes the history of the U.S. price level from 1970 to 2008?
a. The price level increased during the 1970s and 1980s, but decreased during the 1990s. b. The price level increased during the 1970s but decreased during the 1980s and 1990s. c. The price level decreased over the whole period. d. The price level increased over the whole period. e. The price level increased during the 1970s but decreased during the 1980s, and 1990s.
Over time, technology tends to:
A. diminish in nations that are still developing. B. spread from country to country, equalizing opportunity costs. C. allow developing nations to experience the "catch-up" effect. D. set countries apart in terms of productivity.
Under a Coase bargaining solution, deal making between the two parties continues until the marginal ________ to the harmed party equals the marginal ________ to the other party.
A. benefit; benefit B. benefit; cost C. cost; benefit D. cost; cost
As the price of samosas (a triangular pastry in India) was raised from 2 to 3 rupees (Indian currency), their quantity demanded fell from 15,000 to 12,000. Rounding to the nearest tenth, the elasticity of demand of samosas is:
A. 1.8. B. 0.6. C. 4. D. impossible to determine because we don't know the exchange rate of the rupee.