Compared with the period from 1973-1995, the annual rate of productivity growth from 1995- 2012 was about:
A. The same
B. One-and-a-half times faster
C. Three times faster
D. 10% slower
B. One-and-a-half times faster
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If the government takes over the distribution of some scarce good in a time of a natural disaster and provides the good at no charge to users, what must also be done?
A) The government must produce the good itself. B) Some rationing mechanism must be set up to determine who gets the good. C) Everyone hurt in the natural disaster must get one of the goods. D) nothing E) Because we live in a democracy, the government must use majority rule as the rationing mechanism.
When economists say the quantity supplied of a product has decreased, they mean the:
a. supply curve has shifted to the left. b. supply curve has shifted to the right. c. price of the product has risen, and consequently, suppliers are producing more of it. d. price of the product has fallen, and consequently, suppliers are producing less of it.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
Jerry's Marginal Utility for consuming beer and pizza with $8.00 in income
In the above table, how many hotdogs and beers will Jerry consume if the price of one hotdog is $2.00 and the price of a beer is $2.00?
A. 1 hotdog and 3 beers B. 2 hotdogs and 3 beers C. 3 hotdogs and 1 beer D. 2 hotdogs and 2 beers