Business managers are people who:
A. run businesses on a day-to-day basis.
B. entertain the workers.
C. engage exclusively in business travel.
D. own the physical capital used in production.
Answer: A
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Differences in growth rates cannot explain why
A. some countries are wealthier than others. B. income inequality exists. C. the convergence hypothesis may hold. D. the productivity growth rates in China and Japan are converging.
Which of the following was given as a reason to doubt the idea of "New Economy"?
A) High growth in computer investment could not be sustained. B) Actual real GDP could not continue to grow slower than natural real GDP growth. C) Inflation could not be reduced by a higher productivity growth rate. D) All of the above.
We think about the cost of supplying labor as the:
A. opportunity cost of the individual's time. B. input costs that go into producing a unit of labor. C. average wage in the labor market. D. the additional equipment and training that is required when hiring a person.
Figure 14-4
In , an unanticipated shift to a more restrictive monetary policy will shift
a.
AD to the right and temporarily increase real GDP.
b.
AD to the left and temporarily reduce real GDP.
c.
AD to the right and SRAS to the left and lead to higher prices (inflation).
d.
both AD and SRAS to the right and lead to an increase in real GDP.