Which of the following is the formula for the growth rate of multifactor productivity written so that the first term in the equation represents the growth rate of labor productivity?
A) y + bk + (1 - b)n
B) y = a + bk + (1 - b)n
C) a = y - bk - (1 - b)n
D) a = (y - n) - b(k - n)
D
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The LCH theory argues that
A) over time, the saving rate of low-income people tended to rise at a faster rate than that of other income groups. B) the aggregate saving rate depended on the age distribution within the economy. C) over time, the aggregate saving rate was relatively constant. D) over time, the aggregate saving rate would increase.
The law of demand says that as the price of a good rises, the quantity demanded of the good tends to fall
a. True b. False
Monopolistic competition is a market structure characterized by many small firms selling a homogeneous product.
Answer the following statement true (T) or false (F)
An exchange rate crisis is when:
a. the currency is stable. b. the value of a currency declines dramatically. c. the value of a currency increases dramatically. d. a country fixes the price of its currency.