The movement of workers from lower productivity jobs to higher productivity jobs would be an example of a(n):
What will be an ideal response?
improved resource allocation
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________ in the United States ________ in most European countries
A) GDP per hour; is greater than GDP per hour B) Average weekly hours; are greater than average weekly hours C) The Okun Gap; is equal to the Okun Gap D) The Lucas Wedge; is greater than the Lucas Wedge E) Both A and B are true.
Which law was passed to outlaw certain practices not prohibited by the Sherman Antitrust Act?
a. the Clayton Act b. the Smoot-Hawley Act c. the Celler-Kefauver Anti-Merger Act d. the Wheeler-Lea Act e. the Federal Trade Commission Act
The Federal Reserve Open Market Committee allows representatives of the President and Congress to sit on its meetings
a. True b. False
Economic rent is:
A. the amount people pay for an apartment in a perfectly competitive market. B. sometimes higher and sometimes lower than the owner's reservation price. C. the difference between the payment made to the owner of a factor of production and the owner's reservation price. D. the payment made to the owner of a factor of production, which is usually equal to the owner's reservation price.