The country of Northland produced $1,000 billion of output in one year. The population of Northland was 50 million, of whom 30 million were employed. What was average labor productivity in Northland?
A. $33,333
B. $20
C. $20,000
D. $33
Answer: A
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Which of the following would be a concern of normative economics?
a. measuring the actual distribution of income in the economy b. recommending a change in government policy to make the distribution of income more equitable c. determining the impact of higher income taxes on the distribution of income d. determining the impact of a lower federal budget deficit on the distribution of income e. measuring the change in the nation's income distribution since 1960
If it's possible to eliminate the problems created by externalities, why do they persist?
A. The benefits of correcting the externalities generally exceed the costs. B. Correcting externalities would always reduce total surplus. C. It is difficult to measure external benefits and costs. D. None of these statements is true.
A pollution tax:
A. decreases the price of the good taxed. B. increases the price of the good taxed. C. does not affect the quantity demanded of the good taxed. D. does not affect the price of the good taxed.
If people expect the foreign exchange rate for dollars to rise in the future
A) the demand for dollars today decreases. B) the demand for dollars today increases. C) the demand for dollars today is unaffected. D) there is a movement along the demand curve for dollars.