The variable used to measure economic growth is
A. the number of new jobs created.
B. the growth in per capita real GDP.
C. the growth of the money supply.
D. the trade surplus.
Answer: B
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The basic difference between macroeconomics and microeconomics is:
a. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade. b. microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms. c. microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. d. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.
Which of the following will have a downward impact on efficiency wages?
a. Low monitoring costs b. Excess supply in the labor market c. High equilibrium wage rate d. Excess demand in the labor market
When two goods have positive cross elasticities of demand and positive income elasticities, they are: a. Normal and substitutes
b. Normal and complements. c. Inferior and substitutes. d. Inferior and complements.
The shortsightedness effect suggests that
A) politicians have a strong incentive to support projects that yield benefits in the distant future, especially when the costs of the project must be paid for in the current period. B) politicians have a strong incentive to support projects that yield immediate and easily recognized benefits, especially when the costs of the projects are difficult to identify and are observable only in the distant future. C) legislators will be unwilling to trade votes on issues, especially when those issues benefit only special interest groups. D) voters will tend to weigh future costs and benefits more heavily than current costs and benefits.