Growth accounting is a method which measures the contributions to economic growth from what three factors?
What will be an ideal response?
increased capital; labor; technological progress
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The short run is best defined as:
A. a period of time sufficiently short that at least one factor of production is fixed. B. one year or less. C. the period of time between quarterly accounting reports. D. a period of time sufficiently short that all factors of production are variable.
What is the value of marginal product of labor? What is the formula that can be used to calculate it? How does the value of marginal product affect how much labor a firm hires?
What will be an ideal response?
An important factor that increased international capital flows in the latter part of the 1800s was
A) the creation of the International Monetary Fund. B) the creation of numerous regional trade agreements. C) the rapid rate of East Asian economic growth. D) technological innovations. E) the creation of the World Bank.
If the economy is on the LM curve, but is to the right of the IS curve, aggregate output will ________ and the interest rate will ________
A) rise; rise B) rise; fall C) fall; rise D) fall; fall