What is economic? growth?
What will be an ideal response?
Economic growth is increases in per capita real GDP measured by its rate of change per year.
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Suppose a family has saved enough for a 10 day vacation (the only one they will be able to take for 10 years) and has a utility function U = V1/2 (where V is the number of healthy vacation days they experience). Suppose they are not a particularly healthy family and the probability that someone will have a vacation ruining illness (V = 0) is 30%. What is the expected value of V?
a. 10 b. 7 c. 3 d. 0
It is generally more profitable for a firm to pay workers more than the going wage rate:
A. in sectors where skills are scarce. B. in industries in which worker motivation doesn’t really matter. C. in areas in which turnover is not very costly. D. All of these are true.