quiz1c - Macroeconomics 302a, b, d Quiz 1.c Multiple Choice...

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Macroeconomics 302a, b, d Prof. Nilsen 1 Quiz 1.c 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. The primary factor that caused most economists to lose their faith in the classical approach to macroeconomic policy was (a) the high levels of unemployment that occurred during the Great Depression. (b) the presence of both high unemployment and high inflation during the 1970s. (c) the theoretical proof that classical ideas were invalid. (d) the evidence that classical ideas were useful during economic booms, but not during economic recessions. 3. The fact that the production function relating output to capital becomes flatter as we move from left to right means that (a) the marginal product of labor is positive. (b) the marginal product of capital is positive. (c) there is diminishing marginal productivity of labor.
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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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