Total output per worker is also called:
A. total product.
B. average product.
C. variable product.
D. marginal product.
Answer: B
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Answer the following statement(s) true (T) or false (F)
1. An economic model is robust if it provides results that are testable and verifiable. 2. An easy, but not very insightful, possible explanation for apparently irrational behavior is that it is rational for a people with a taste for the behavior. 3. Most economic explanations can be reduced to the idea that human behavior is primarily a matter of taste. 4. Since economists assume that people act in their own self-interest, economic analysis does not apply to situations where people behave altruistically. 5. A model that is said to be robust is one that has many details and closely mimics reality.
If policymakers deem inflation as being too high, then the policy response should be monetary ________, which shifts aggregate demand______.
A. easing; a left B. easing; right C. tightening; left D. tightening; right
The expenditure approach to measuring U.S. GDP equals _________
A. the sum of U.S. consumption expenditure and U.S. investment B. U.S. government expenditure minus taxes paid by Americans C. all expenditure on final goods and services produced in the United States in a given time period D. all expenditure by Americans on goods and services produced in the United States in a given time period
Social Security and Medicare are clear examples of
A) capitalism. B) market-determined services. C) market failures and externalities. D) governmental intervention in the market.