In the steady state in the Solow growth model, the economy is in equilibrium with the capital-labor ratio and real GDP per worker ________, and with capital, labor, and real GDP ________
A) constant; constant
B) growing; constant
C) constant; growing
D) growing; growing
C
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Which of the following is TRUE?
A) Child labor is most common in urban areas. B) Child labor is most common in the textile industry. C) Child labor is most common in production aimed at export markets. D) If child labor were stopped, families would have greater economic success. E) Agriculture is the main industry using child labor.
The statement "A tax cut would be the fairest way to stimulate the economy" is an example of positive economic analysis
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.
In the short run, a firm using variable labor and fixed capital inputs achieves the ________ level of output at the minimum point on its average total cost curve.
A. efficient B. only possible C. least efficient D. highest cost