quiz1b - Macroeconomics 302a, b, d Quiz 1.b Multiple Choice...

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Macroeconomics 302a, b, d Prof. Nilsen 1 Quiz 1.b Multiple Choice 1. Average labor productivity is the (a) amount of workers per machine. (b) amount of machines per worker. (c) ratio of employed to unemployed workers. (d) amount of output per worker. 2. Keynes was motivated to create a macroeconomic theory different from classical theory because (a) he believed in government intervention in the economy. (b) he believed in the idea of the invisible hand. (c) monetary policy was more important than the classicals acknowledged. (d) classical theory was inconsistent with the data in the Great Depression. 3. Monica grows coconuts and catches fish. Last year she harvested 1500 coconuts and 600 fish. She values one fish as having a worth of three coconuts. She gave Rachel 300 coconuts and 100 fish for helping her to harvest coconuts and catch fish, all of which were consumed by Rachel. Monica consumed the remaining fish and coconuts. In terms of fish, total consumption by both Monica andRachel would equal
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This note was uploaded on 04/30/2009 for the course ECONOMICS 302 taught by Professor N during the Spring '09 term at American University in Bulgaria.

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