Let ? represent labor's share of total output. The Solow residual is, therefore, represented by
A) ?gy.
B) ?gA.
C) ?gK.
D) ?gN.
E) 1/?.
B
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Technology can be defined as the
A. ability to get more output from a given amount of inputs. B. act of putting new methods into effect. C. discovery of new ways of making products. D. result of savings.
The Dutch Disease refers to a deadly outbreak of influenza that destroyed all international trade for the Netherlands in the 1960s
Indicate whether the statement is true or false
____ is the subjective measure of the physical and mental satisfaction that is anticipated from consumption
a. Demand b. Supply c. Recognition d. Utility e. Cognition
An economist has estimated that the maintenance of a public park costs $25,000 a year and that the public park generates $30,000 a year in revenue for merchants near the park. From society's point of view, the maintenance of this park is
A. inefficient because everyone in the community pays taxes to support the park, but only the merchants near the park benefit. B. potentially efficient because no one would be made worse off as a result of maintaining the park. C. potentially efficient because the value of the gains exceed the value of the costs. D. inefficient because the additional revenues generated by the park are so low.