An arrangement that allows buyers and sellers to exchange things is called:
A. a contract.
B. a market.
C. money.
D. efficient.
Answer: B
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Suppose a country experiences an increase in output per worker. Such a development represents which of the following?
A) an increase in labor productivity B) an increase in population growth C) a reduction in the saving rate D) a decrease in economic growth
The above figure shows the market for a prescription drug. What is the equilibrium price of the drug? How many doses are purchased? Suppose the government imposes a price ceiling of $1.50 a dose
How many doses are purchased after the price ceiling is imposed?
The real GDP in a nation has just increased from $2 billion to $2.1 billion
A) This country has experienced economic growth because there is a $.1 billion increase in real GDP. B) We do not know if this country experienced economic growth since the increase in the population was not given. C) We do not know if this country experienced economic growth since information on nominal GDP was not given. D) This country did not experience economic growth since $.1 billion is not a large number.
Human capital is
A. the investment people make in industries that make capital goods. B. the saving done by human beings. C. the knowledge and skills that people in the work force acquire through education and training. D. a measure of the labor productivity of workers.