According to the text, European countries growth rates of real GDP per capita?
a. remained constant during each of the four decades beginning 1980.
b. followed a random pattern during the four decades beginning 1980.
c. decreased during each of the four decades beginning 1980.
d. decreased in the first two decades after 1980 and then increased in the following two decades.
Ans: c. decreased during each of the four decades beginning 1980.
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If the best surgeon in town is also the best at cleaning swimming pools, then according to economic reasoning, this person should
A) split his time evenly between being a surgeon and cleaning swimming pools. B) pursue the activity he enjoys more. C) specialize in being a surgeon because its opportunity cost is lower. D) specialize in cleaning swimming pools because it is more labor-intensive.
Explain why asymmetric information can cause the real interest rate to increase, and why increases in the real interest rate can actually make lending more risky for financial institutions
What will be an ideal response?
When average costs of production are falling, average cost:
a. is higher than marginal cost. b. is equal to price. c. is negative. d. is less than marginal cost.
Macroeconomics often relies on microeconomic analysis because
A. microeconomics is older than macroeconomics. B. microeconomic theory can be tested and macroeconomic theory cannot be tested. C. the effects of macroeconomic subjects such as inflation and unemployment are independent of individual consumers and firms. D. all aggregates are made up of individuals and firms.