From 1978 to 1995, the rate of growth of output per worker in China appears to be
A) the result of capital accumulation.
B) the result of technological progress.
C) the result of trade barriers.
D) equal to that of the United States.
E) none of the above
B
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Macroeconomic forecasting is made easier due to the fact that
A) real GDP is variable about trend. B) the business cycle has a regular frequency. C) deviations from trend in real GDP are persistent. D) turning points are easy to predict.
Refer to the figure below. In Venezuela, there are a very small number of extremely wealthy households and an extremely large number of very poor households. If the United States is represented by Lorenz curve c above, which curve would represent Venezuela?
A. a
B. b
C. c
D. d
If we graph marginal utility, the curve has a negative slope. This is because of the
A. optimal purchase rule. B. law of increasing costs. C. law of diminishing marginal utility. D. marginal rate of substitution.
Economists assume that the goal of consumers is to
A) make themselves as well off as possible. B) do as little work as possible to survive. C) consume as much as possible. D) spend all their income.