The productivity standard says
A) that everyone should have exactly the same income.
B) that the age-earnings cycle should determine income.
C) that people should be compensated on the basis of what they produce.
D) that people should be compensated on the basis of their need.
Answer: C
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For the following questions, suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table
pens pencils Year 1 quantity 15 10 Year 1 price $12 $12 Year 2 quantity 17 12 Year 2 price $14 $15 What is the real GDP in year 2 using base year 1? A) $418 B) $300. C) $360. D) $338.
All economists believe that:
A. assumptions are irrelevant to the outcome of a model. B. people are selfish. C. people follow principles of enlightened self-interest. D. incentives are important.
If an incumbent faces an identical potential entrant with no costs of entry, the incumbent will
A) produce the Cournot duopolist level of output B) produce the Stackelberg leader level of output C) set price equal to marginal cost D) shut down
The population is 100 million, the labor force is 70 million, and the number of unemployed is 3.5 million. What is the unemployment rate?
A. 3.5 percent B. 10 percent C. 5 percent D. 7 percent