The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur?
A) Capital per hour worked grew rapidly from 1950 to 1980, but technological change occurred very slowly.
B) The centrally planned economy invested too heavily in technological change.
C) Increasing implementation of new technologies eventually suffered diminishing marginal returns.
D) Capital per hour worked grew slowly, but technological change grew very rapidly.
A
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Jackie notices everyone wearing Converse sneakers on the first day of school. Ever the fashionista, this will likely affect:
A. Jackie's income, as she now needs to buy Converse and will have less to spend on other goods. B. Jackie's preferences for shoes, since she feels as though she needs them now. C. Jackie's expectations of future prices, since the price of Converse will likely go up because they're getting so popular. D. the prices of related goods, since other shoes will be less popular and cost less now.
Which of the following statements is true?
A) Government purchases is the largest component of GDP. B) Net exports are equal to exports plus imports. C) U.S. imports refer to the physical quantity of foreign-produced goods that are purchased by residents of the United States. D) Government purchases includes the spending on goods and services by all levels of government (federal, state, and local). E) c and d
Microeconomics is concerned with individual performance as well as the economy as a whole.
Answer the following statement true (T) or false (F)
Which of the following nations has a total fertility rate that would suggest that its next generation will only be half the size of the current generation?
A. Hong Kong. B. Australia. C. Sweden. D. All of these nations.