Which of the following do economists consider to be the main way to improve living standards for workers?
A. Falling price levels.
B. Lower saving rates.
C. Growth in the labor force.
D. Productivity growth.
Answer: D
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A constant contributor to labor productivity growth during the entire 1948–2000 period was
A. capital formation. B. technological change. C. labor force growth. D. government spending.
Which of the following is an automatic stabilizer?
What will be an ideal response?
A man who thinks he would save money by driving to work rather than taking the bus, but who nonetheless elects to take the bus because driving in rush-hour traffic frightens him, is
A) behaving inefficiently. B) choosing what is for him the most efficient way to commute. C) rejecting economic efficiency for personal reasons. D) wasting scarce resources.
Refer to Figure 4-1. Kendra's marginal benefit from consuming the first ice cream cone is
A) $9.00 B) $7.50 C) $3.50 D) $0.50