One factor which may be helping to raise our rate of productivity growth is our
A. improving computer literacy rate.
B. improving educational system.
C. rising rate of saving.
D. declining rate of immigration.
A. improving computer literacy rate.
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Specialization in production is beneficial because
a. it allows everyone to have a job that they like. b. it permits people to expand production and achieve rates of output that would otherwise be unattainable. c. it allows everyone to be self-sufficient. d. it eliminates the need for the division of labor.
Trade between the United States and Guatemala
a. benefits both the United States and Guatemala. b. is a losing proposition for the United States because Guatemalan labor is less expensive than U.S. labor. c. is a losing proposition for Guatemala because capital is much more abundant in the U.S. than in Guatemala. d. is a losing proposition for Guatemala because U.S. workers are more productive than Guatemalan workers.
The Federal Insurance Contribution Act (FICA) tax is an example of a(n)
a. payroll tax. b. sales tax. c. farm subsidy. d. income subsidy.
An economy produces 10X, 20Y, and 30Z in a year. Base-year prices for these goods are $1, $2, and $3, respectively. Current-year prices for these goods are $2, $3, and $4, respectively. What is Real GDP?
A) $180 B) $200 C) $140 D) $240 E) none of the above