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A) either real GDP or real GDP per capita. C) total consumption expenditures.
Answer: A
Answer: C
Which of the following best measures improvements in the standard of living of a nation?
Answer: C
If a nation's real GDP increases from 100 billion to 106 billion and its population jumps from 200 million
Answer: A
Answer: A
All of the following explain the growth in output per worker hour during the 20th century
EXCEPT
Answer: B
Answer: C
A) the long-run increase in the relative importance of durable goods in the U.S. economy.
B) the long-term expansion or contraction of business activity that occurs over 50 or 100 years.
D) fluctuations in business activity that occur around Christmas, Easter, and so forth.
Answer: B
How do we define labor productivity? How would an increase in the capital-labor ratio affect labor
productivity?
ANS: D
In the United States, business cycles have occurred against a backdrop of a long-run trend of:
Answer: C
For the 1952-2003 period in the United States, output per worker hour
Answer: C
Recurring upswings and downswings in an economy's real GDP over time are called:
Answer: B
The phase of the business cycle in which real GDP declines is called:
Answer: C
If a nation's real GDP increases from 100 billion to 106 billion and its population jumps from 200 million
Answer: A
Answer: B
The two main characteristics of the production function are
(a) it slopes downward from left to right, and the slope becomes flatter as the input increases.
(b) it slopes upward from left to right, and the slope becomes steeper as the input increases.
(c) it slopes upward from left to right, and the slope becomes flatter as the input increases.
(d) it slopes downward from left to right, and the slope becomes steeper as the input increases.
Answer: C
Although increases in the capital-labor ratio lead to increases in output per laborer at a decreasing rate,
c. output per worker to increase at an increasing rate along a labor productivity curve