If output growth exceeds population growth for a country,
A. This country must have overcome the problem of opportunity costs.
B. GDP must have fallen at a very rapid rate.
C. Average living standards will increase.
D. Per capita GDP will decrease.
Answer: C
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Which of the following variables do you need to know to calculate marginal cost?
i. change in total cost ii. marginal product of labor iii. change in quantity of labor used iv. change in output A) i and ii B) i and iv C) ii and iv D) i, iii, and iv E) Only ii
An efficiency-wage premium serves the same function as a bond because, just as with a bond, the premium represents
A) the amount the employee loses if caught shirking. B) the expected value of the amount the employee loses if he shirks. C) the cost of monitoring the employee. D) the gain to the employee if he shirks.
The number of people employed in the competitive market depicted in Figure 30.2 at a wage of $20.00 per hour is
A. 160. B. 192. C. 180. D. 0.
You observe people going to the bank more frequently. Other things the same, this could result from
a. an increase in inflation which increases money demand. b. an increase in inflation which reduces money demand. c. a decrease in inflation which increases money demand. d. a decrease in inflation which reduces money demand.