Those that believe that the recent period of slow growth is the new normal that we need to get used to
A. believe we have to hope for the best.
B. believe we are on the cusp of a period of new (artificial intelligence-based) innovations.
C. believe that the causes of older growth (increases in the labor force participation rate and the use of energy to replace people power) are still available.
D. believe that the period of robust growth was actually just a historic anomaly.
Answer: D
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If a country's real GDP grows at 10% per year, its real GDP will double about every
A) 5 years. B) 7 years. C) 10 years. D) 14 years.
Joe pays $8,000.00 in tuition. The 8,000 dollar tuition Joe pays is an example of what economists call
A) a relative price. B) a money price. C) an indexed price. D) an opportunity price.
Use the data in the table above and suppose that labor is the only variable factor of production. When 122 dozen donuts are produced at Decent Donuts, the AVC curve
A) has a negative slope. B) has a positive slope. C) is at its minimum point. D) is at its maximum point.
After the Civil War, the Southern manufacturing sector
a. declined along with the agricultural sector. b. did not reach pre-War levels until the 20th century. c. recovered much more quickly than the agricultural sector. d. was slow to recover because of slow repairs to the South's transportation network.