Which of the following about economic growth is true?
a. The rich countries are consistently getting richer, while the poor countries are getting poorer.
b. No LDC was able to achieve a more rapid growth rate than the United States during the 1980 through 2009 period.
c. The growth picture of LDCs is clearly one of diversity; some LDCs are growing rapidly, while others continue to stagnate.
d. The fastest growing countries in the world are all high-income industrial economies.
C
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If the marginal product of a worker is 10 units and each unit of the good is sold for $5, the value of marginal product of the worker is:
A) $2. B) $5. C) $10. D) $50.
Which of the following is an example of expansionary fiscal policy?
A. Increase taxes. B. Decrease government spending. C. Increase government spending. D. Increase taxes and decrease government spending equally.
The aggregate demand curve
A. is upward sloping. B. is downward sloping. C. is vertical at the full-employment level of output. D. is horizontal at the full-employment level of output.
In the long-run equilibrium in perfect competition, consumer surplus is
A) positive. B) negative. C) zero. D) less than producer surplus.