The productivity curve is a relationship between ________ and ________
A) real GDP per hour of labor; capital per hour of labor
B) real GDP per hour of labor; capital
C) capital per hour of labor; labor per hour of capital
D) real GDP; hours of labor
E) real GDP; capital
A
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Which of the following countries has had the fastest rate of economic growth since 1955?
A) United States B) United Kingdom C) Germany D) Japan
If the reserve ratio is 20 percent, then the money multiplier is approximated to be:
A. 20. B. 5. C. 10. D. 2.
Combinations of goods on the production possibilities frontier
a. are unattainable without additional resources b. can be produced using currently available resources and technology c. reflect minimum normative value allocations d. will meet society's needs but not its wants e. are attainable only through international trade
The United States can produce both grain and oil more efficiently than Mexico can, but the United States can produce grain more efficiently than oil. Therefore, according to _______ , a basis for trade exists between the two countries.
A) free trade B) demand C) supply D) comparative advantage