Relative to Canada, China has a ________ growth rate in GDP and a ________ level of real GDP
A) higher; lower
B) higher; higher
C) lower; lower
D) lower; higher
Answer: A
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In the graph for the consumption function, the 45-degree line
A) contains only a consumption component.
B) represents both planned consumption and planned investment.
C) shows various combinations where planned consumption equals real disposable income.
D) reflects a decreasing APC as real disposable income rises.
Individual supply curves generally slope ________ because ________.
A. downward; sellers become more efficient with practice. B. downward; inputs are cheaper when purchased in high volume. C. upward; profits increase with quantity. D. upward; of increasing opportunity costs.
The slope of the output per worker function is equal to the
A) marginal product of capital. B) marginal product of labor. C) savings rate. D) growth rate of the population.
Economic efficiency means
A) the same as technical efficiency. B) that all firms within a single competitive industry are producing at the same level of output. C) that it is impossible to increase the output of any good without lowering the total value of the output of the economy. D) that high-tech methods of production are the most efficient.