From 1900 to 2013, real GDP per person has had two important attributes
A) It has grown substantially over time and there are small differences from country to country.
B) It has grown unevenly over time in the U.S. but it has grown substantially.
C) It has grown evenly over time in the U.S. and there are huge differences from country to country.
D) It has fluctuated around a trend in the U.S. but it has not grown much for all the Southeast Asian countries.
E) It has doubled in the U.S. but there have been many recession periods.
B
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The short-run aggregate supply curve is upward sloping because in the short run the
A) money wage rate changes but the price level does not. B) price level changes but the money wage rate does not. C) both the money wage rate and the price level change. D) neither the money wage rate nor the price level can change.
Exceptions to the prohibition against cartels exist for which of the following?
a. ocean shipping rates b. various agricultural products such as milk and oranges c. transoceanic airline routes d. cardboard box manufacturers e. a through c f. a through d
Which of the following could lead to a decrease in worker productivity?
a. An increase in the physical capital stock b. A decrease in the number of workers c. A war that destroys an enormous amount of plant and equipment d. An increase in the physical capital stock e. A decrease in the human capital stock
Suppose that there are 175 voters in an election and that 80 of them prefer a $100 budget while the remainder prefer a $150 budget. Which of the following statements is true?
a. The Condorcet Paradox predicts that the $100 budget will win even though fewer people prefer that budget. b. The median voter theorem predicts that the winning budget will be $125, the median of the preferences of the two types of voters. c. Arrow's impossibility theorem says that the winning budget cannot be determined in this election since there is no unanimity. d. None of the above.