Measurements of TFP indicate that the East Asian success story is based on
A) a significantly different economic model from the one followed in the West.
B) unusually large amounts of innovation.
C) rapid increases in the education of the work force.
D) high amounts of savings and investment.
D
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The above table shows the distribution of wealth and income for Miseria. What percent of the wealth is owned by the wealthiest twenty percent of the population?
A) 0 percent B) 2 percent C) 5 percent D) 83 percent
An increase in available resources, or a technological advancement that enhances the productivity of one or more types of resources, can shift the PPF outward and lead to economic growth
Indicate whether the statement is true or false
You only need to know the amount of goods and services produced in an economy to compute real GDP
a. true b. false
If the price of a good decreases by 10% and the quantity demanded remains unchanged, then at that price, the good is
A. perfectly elastic. B. inelastic. C. perfectly inelastic. D. elastic.