Residents of the developing American colonies lived _______ lives compared to people living in the advanced countries of that time because ________
a. better; of favorable protections from England
b. better; of high levels of output per worker.
c. worse; of unfavorable taxation
d. worse; of the inaccessibility of both capital and finished machine goods.
b. better; of high levels of output per worker.
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A profit maximizing firm in any type of market for its output would hire the quantity of labor at which
a. the marginal cost of output is equal to the marginal revenue product of labor, where MRP is sloping downward. b. the wage rate is equal to marginal revenue product, where MRP is downward sloping. c. the wage rate is equal to marginal revenue product, where MRP is still sloping upward. d. the difference between the wage rate and marginal revenue product is greatest.
In calculating GDP, governmental transfer payments, such as Social Security or unemployment compensation, are ________.
A. counted as investment spending. B. counted as consumption spending. C. counted as government spending. D. not counted.
Most economists believe that biases cause changes in the CPI to overstate the inflation rate by ________ percentage points
A) 0.1 to 0.2 B) 0.2 to 2.0 C) 0.4 D) 0.5 to 1.0 E) 1.0 to 3.0
Which of the following was not a factor that contributed to improved productivity from 1995 to 2009?
A. Surging investment B. Falling energy prices C. Advances in information technology D. Decreased costs for higher education