The Council of Economic Advisers
a. was created in 1776 and consists of three members and a staff of several dozen economists.
b. was created in 1776 and consists of thirty members and a staff of a dozen economists.
c. was created in 1946 and consists of three members and a staff of several dozen economists.
d. was created in 1946 and consists of thirty members and a staff of a dozen economists.
c
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The marginal product of any input into the production process:
A. is the increase in output that is generated by an additional unit of input. B. is the decrease in input that is generated by an additional unit of output. C. is the constant ratio of inputs to outputs. D. None of these is true.
When aggregate expenditure at a particular level of GDP is more than output,
a. output will increase b. output will decrease c. output will remain constant d. there is not enough information to determine what happens to output e. prices will rise
Increases in productivity are caused by
a. better education and training of the labor force. b. higher levels of literacy. c. improvements in technology. d. All of the above are correct.
The Economic Freedom of the World measure indicates that the United States
a. was the freest economy in the world in 2010. b. has experienced a decline in economic freedom since 2000. c. has experienced an increase in economic freedom since 2000. d. continues to be substantially more free than Australia, Canada, and Chile.