If output per capita grows by a constant 6% per year, then the standard of living would grow by about ________ over 3 years
A) 12%
B) 17%
C) 18%
D) 19%
E) 20%
D
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Classical economists tend to
A) support Say's law. B) see unemployment as a persistent economic problem. C) reject the equality of savings and investment. D) believe in Keynesian economics.
Assume Ajax Company employs 100 workers and total revenue is $400,000 per week. When Ajax Company employs 101 workers, total revenue is $405,000 . The marginal revenue product of the 101st worker is:
a. $40,000. b. $5,000. c. $405,000. d. none of these.
The numerical value of a price elasticity represents the percentage amount by which the quantity demanded changes when the price
a. increases by 1 unit b. changes by 1 percent c. is in equilibrium d. is fixed in the market e. falls by 1 dollar
Other things equal, in countries with higher levels of real GDP per person, life expectancy and literacy rates are higher than in countries with lower levels of real GDP per person
a. True b. False Indicate whether the statement is true or false