Answer the following statement(s) true (T) or false (F)
1. Governments should avoid investing in education because it has little impact on productivity or economic growth.
2. Rapid population growth can negatively impact per capita output.
3. The law of diminishing marginal returns means that population growth can result in workers with insufficient capital.
4. A larger population means a larger labor force, greater production, and higher standards of living for the average worker.
5. With a higher population growth rate comes greater capital stock per worker.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
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The difference between Gross National Product and Net National Product is the
A. rate of inflation. B. statistical discrepancy encountered in calculating GDP. C. difference between real versus nominal GDP. D. depreciation of the economy’s capital stock.
In consumer equilibrium, the marginal utility of good A, B and C are 100, 300, and 400 respectively. If the price of good A was $35, then the prices of goods B and C, respectively, are:
a. $105 and $140. b. $140 and $105. c. $105 and $175. d. $140 and $175.
The policy lever most commonly used by the Fed is:
A. Changes in the discount rate. B. Buying and selling bonds. C. Changes in the reserve requirement. D. Foreign-exchange operations.
Total debt is more important in figuring out the ability of a country to service its debt than are debt to GDP and debt to export ratios
Indicate whether the statement is true or false