The Solow residual is a measure of
A) average labor productivity.
B) average capital productivity.
C) total factor productivity.
D) the rate of growth of real GDP.
C
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A perfectly competitive firm will have an economic profit of zero if, at its profit-maximizing output, its marginal revenue equals its
A) average total cost. B) marginal cost. C) average variable cost. D) average fixed cost.
In the figure above, if the government starts to provide university education at no charge, in the long run, the wage rate of high-skilled workers will ________ and the wage rate of low-skilled workers will ________
A) rise; fall B) fall; rise C) fall; fall D) rise; rise
A natural monopoly is a market in which a single firm:
A. owns a key resource or input into the production of the good. B. can produce the entire market quantity at a lower cost than multiple firms. C. is protected from competition through government legislation. D. gains market share over time through aggressive tactics.
Depreciation is: a. income earned but not received
b. an allowance for the replacement of capital. c. income received but not earned. d. an indirect business tax.