Since the 1970s ________ saving in the U.S. has been positive while ________ saving has been generally negative:
A. government; household.
B. private; public.
C. public; private
D. business; household
Answer: B
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The most surprising outcome of the Solow growth model is that
A) the population growth rate has no effect on the standard of living. B) the capital-labor ratio has no effect on the output-labor ratio. C) a higher rate of national saving does not lead to a permanently higher rate of output growth. D) a higher rate of depreciation lowers the capital-labor ratio, but not the output-labor ratio.
Economy X has just one worker, while Economy Y has 100 workers. Both have the same capital and land resources and produce the same good. If labor specialization occurs in Economy Y, we would expect Economy Y to produce
a. exactly the same quantity of goods as Economy X b. 100 times the quantity of goods as Economy X c. less than 100 times the quantity of goods as Economy X d. more than 100 times the quantity of goods as Economy X e. more inefficiently than Economy X
The table above gives GDP and expenditures for an economy with no international trade and with lump-sum taxes. All the numbers are billions of dollars. C is consumption expenditure, I is investment, and G is government purchases. If the government decides to increase its purchases by an additional $450 billion, equilibrium GDP increases to
A) $7,250 billion. B) $10,450 billion. C) $5,450 billion. D) $7,450 billion.
Suppose the price change of a good causes no change in quantity demanded, we would say that the item is
A) perfectly elastic. B) perfectly inelastic. C) infinitely elastic. D) unitary elastic.