In terms of economic growth, educated workers are generally:
A. happier.
B. less healthy.
C. less productive.
D. more productive.
Answer: D
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In 2009, U.S. real GDP decreased by 3 percent and the population grew by 1 percent. Thus, real GDP per person
A) decreased 4 percent. B) increased 4 percent. C) decreased 3 percent. D) increased 2 percent. E) decreased 2 percent.
An economic slowdown in Europe is likely to lead to a(n):
a. decrease in U.S. exports and U.S. aggregate demand. b. increase in U.S. exports and U.S. aggregate demand. c. decrease in U.S. imports and U.S. aggregate demand. d. increase in U.S. imports and U.S. aggregate demand.
Answer the following statement(s) true (T) or false (F)
1. Investment refers to the purchase of consumer goods and services by households. 2. In each year since 1929, consumption has been less than half of total expenditures for goods and services for the GDP. 3. Services is one of the three categories that consumption is divided into. 4. In economics, an investment involves trading money for stock certificates. 5. Net exports are a small proportion of GDP and are often negative for the United States.
If the single-input producer choice set is fully convex, the first order conditions of the profit maximization problem are necessary but not sufficient for identifying the profit maximizing production plan.
Answer the following statement true (T) or false (F)