The growth rate of real GDP per worker results from
A) convergence to the steady state and steady-state growth.
B) growth from total factor productivity minus depreciation.
C) growth from labor productivity and growth from the labor force.
D) growth from investment and growth from break-even investment.
A
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One of the reasons the pound depreciated in 1992 was:
A) because Britain was running out of stock of foreign currency reserves. B) because Britain started exporting more than it imported C) because Britain started importing more than it exported. D) because speculative trading had decreased in foreign exchange markets.
A consumer values a car at $525,00 . and a producer values the same car at $485,000 . If the transaction is completed at $510,000 . what level of tax rate will result in unconsummated transaction?
a. 1% b. 5% c. 3% d. 2%
A utility-maximizing consumer is currently spending all of his/her income on two products, A and B. The MU of the last unit of A consumed is 50, the price of A is $25, and the price of B is $10 . The MU of the last unit of B consumed is
a. 50 b. 5 c. 2 d. 20 e. 100
Giffen goods have positively-sloped demand curves because they are
a. normal goods for which the income effect outweighs the substitution effect. b. normal goods for which the substitution effect outweighs the income effect. c. inferior goods for which the income effect outweighs the substitution effect. d. inferior goods for which the substitution effect outweighs the income effect.