Suppose that reducing inflation by 2 percentage points would cost a country 5 percent of its annual output. This country's sacrifice ratio is
a. 0.4.
b. 1.5.
c. 2.5.
d. 5.0.
c
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The standard of living rises at a faster pace than labor productivity if
A) n = q. B) n < q. C) n > q. D) The standard of living is not affected by the relative size of n and q.
Which of the following is a flow variable?
a. the number of cars registered in the U.S. b. the number of unemployed workers this week c. your total net worth yesterday d. the government debt this year e. a salary of $4,000 per month
Matt's Utility Function Wealth Utility $50,000 7000 51,000 7250 52,000 7499 53,000 7746 If Matt's current wealth is $51,000, then
a. his gain in utility from gaining $1,000 is greater than his loss in utility from losing $1,000 . Matt is risk averse. b. his gain in utility from gaining $1,000 is greater than his loss in utility from losing $1,000 . Matt is not risk averse. c. his gain in utility from gaining $1,000 is less than his loss in utility from losing $1,000 . Matt is risk averse. d. his gain in utility from gaining $1,000 is less than his loss in utility from losing $1,000 . Matt is not risk averse.
Which of the following would be considered open-access common property?
A) a library
B) the world wide web
C) a company gym
D) broadcast television