Real Gross Domestic Product is
A) the amount of people unemployed divided by the total labor force.
B) the productivity of labor.
C) the most that can be produced when the economy's resources are fully employed.
D) the value of total production linked back to the prices of a single year.
D
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Which of the following countries actually experienced negative economic growth from 1960 to 2011?
A) Niger B) Malaysia C) Singapore D) Israel
The Constitution of the United States expressly forbids
A) import tariffs. B) export tariffs. C) import quotas. D) export quotas.
Ryan experiences an increase in his wages. The hours of labor that he supplies to the market would increase if
a. the income effect is larger than the substitution effect. b. the substitution effect is larger than the income effect. c. neither the income effect nor the substitution effect apply to Tom's labor-leisure tradeoff. d. Ryan views both labor and leisure as inferior goods.
The profit motive can encourage businesses to do all of the following except
A. Mistreat customers. B. Provide unsafe working conditions. C. Pollute the environment. D. Restrict competition.