Describe the pattern of growth rates in real GDP per hour worked in the United States since the early nineteenth century. Has output per hour worked consistently increased at the same rate? Explain
What will be an ideal response?
Growth in real GDP per hour worked averaged 1.3% throughout the nineteenth century and then increased to over 2% until the mid-1970s (when it fell to 1.3% again). Productivity slowed dramatically during the mid-1970s, but the emergence of the "new economy" saw average annual growth rates in GDP per hour worked rebound to 2.4% from 1996 - 2005, and then slowed to 1.2% from 2006-2014.
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It takes a machine 2 hours to make a unit of Good X, and 1 hour to make a unit of Good Y. If the machine can be used for 10 hours, which of the following combinations will lie on its production possibilities curve?
A) 5 units of Good X and 2 units of Good Y B) 3 units of Good X and 4 units of Good Y C) 2 units of Good X and 2 units of Good Y D) 6 units of Good X only
Under the model of monopolistic competition, a(an) ________ in the number of firms in the industry will cause ________ to ________
A) increase; average price; decrease B) increase; average price; increase C) increase; average cost; decrease D) decrease; markup; decrease E) increase; marginal cost; decrease
If you are using a 95% confidence interval and the absolute value of the t-statistic is larger than the critical value, then
A) we accept the null hypothesis at a 95% confidence level. B) we reject the null hypothesis at a 95% confidence level. C) we will be wrong less than 5% of the time if we accept the null hypothesis. D) we will be wrong 95% of the time if we reject the null hypothesis.
The 2008-2009 recession began as oil prices increased, and then was followed by a negative demand shock
a. True b. False