Under communal property, effort is:
A) divorced from payment, so there is great incentive to work.
B) divorced from payment, so there is little incentive to work.
C) rewarded with payment, so there is great incentive to work.
D) rewarded with payment, so there is little incentive to work.
Answer: B) divorced from payment, so there is little incentive to work.
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Which of the following characterizes the IACs?
a. High per capita GDP growth and high population growth. b. Low per capita GDP growth and low population growth. c. Low per capital GDP growth and high savings rate. d. Low human capital investment.
A demand shock that increases real GDP above its full-employment level will, in the long run,
a. lead to a higher wage rate and an upward shift of the aggregate supply curve b. lead to a lower wage rate and a downward shift of the aggregate supply curve c. lead to a higher wage rate and a rightward shift of the aggregate demand curve d. lead to a lower wage rate and a leftward shift of the aggregate demand curve e. cause no further shifts in the aggregate supply or aggregate demand curve