Other things the same, in the Solow model in the steady state, a higher rate of population growth ________ growth rate of output per worker
A) leads to a higher
B) leads to a lower
C) has no long-run effect on the
D) has an ambiguous effect on the
C
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Consumers who ________ will be more likely to buy goods in outlet malls at a lower price, while consumers who ________ will be more willing to pay full price in regular stores
A) are more price-sensitive; are less price-sensitive B) are less price-sensitive; are more price-sensitive C) have high levels of wealth; have low levels of wealth D) are more status-conscious; are less status-conscious
Macroeconomic equilibrium requires
A) equilibrium in the goods market. B) equilibrium in the money market. C) equilibrium in both the goods and money markets. D) equilibrium in neither the goods nor the money market.
According to the AK growth model, taxes on corporate income and capital gains ________ the incentive for firms to accumulate capital and ________ the steady-state growth rate
A) increase; increase B) reduce; reduce C) increase; do not change D) reduce; do not change
What is deadweight loss?
a. It is the amount of surplus that consumers lose due to monopoly. b. It is the amount of surplus that producers lose due to perfect competition. c. It is the amount of surplus which is completely lost to society due to monopoly. d. It is the amount of surplus which was earned by consumers under perfect competition and is transferred to producers due to monopoly.