Compared to the 1960s, during most of the 1990s average annual real GDP growth was ________ while the average ratio of net investment to output was ________
A) slightly lower, much lower
B) much lower, slightly higher
C) much higher, much lower
D) slightly higher, slightly lower
B
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Instead of studying for an additional two hours for the economics final, Leann decides to watch a movie. Leann is making
A) a rational decision if her marginal cost from the movie is greater than her marginal benefit. B) an irrational decision because studying is more important than watching a movie. C) a decision that is not on the margin because she will see the entire movie. D) a decision that does not involve an opportunity cost. E) a rational decision if her marginal benefit from the movie is greater than her marginal cost.
Improvements in literacy stimulate economic growth by: a. reducing the barriers to the flow of information
b. improving the flow of resources to more productive uses. c. imparting skills, which raises labor productivity. d. doing all of the above.
If the price level rises above what was expected and nominal wages are fixed, then
a. production becomes less profitable so firms will hire fewer workers. b. production becomes less profitable so firms will hire more workers. c. production becomes more profitable so firms will hire fewer workers. d. production becomes more profitable so firms will hire more workers.
Which of the following is true of the specificity rule?
A. According to the specificity rule, government policy should target as closely as possible the source of the distortion that separates private and social benefits (or costs). B. According to the specificity rule, only specific industries should be allowed to participate in government lobbying. C. The specificity rule posits that a tariff imposed on a good favors only the interests of a specific group within a country. D. The specificity rule suggests that tariffs should be imposed only on specific products.