The elasticity of output with respect to capital
A. is the inverse of the elasticity of output with respect to labor.
B. is always greater than one.
C. is the increase in output resulting from an increase in the capital stock.
D. is the percentage increase in output resulting from a 1 % increase in the capital stock.
Answer: D
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How has the share of the personal income tax paid by the rich (the top 1 percent of earners) and the not-so-well-off (the bottom half of earners) changed during the last four decades?
a. The rich now pay a larger share and the not-so-well-off pay a smaller share of the personal income tax. b. The rich now pay a smaller share and the not-so-well-off pay a larger share of the personal income tax. c. The share of the personal income tax paid by the rich increased between 1960 and 1980, but the share of the revenues collected from the rich has declined sharply since 1980. d. The relative shares paid by the rich and the not-so-well-off have been virtually unchanged during the last four decades.
The rules established under GATT are enforced by the
a. governments of the nations that are involved in GATT. b. North American Free Trade Association. c. World Trade Organization. d. European Union.
Japan is
a. an advanced economy, and over the past century its rate of economic growth has been higher than that of the United States. b. an advanced economy, and over the past century its rate of economic growth has been lower than that of the United States. c. a middle-income country, and over the past century its rate of economic growth has been higher than that of the United States. d. a middle-income country, and over the past century its rate of economic growth has been lower than that of the United States.
Monopolistic competition is similar to perfect competition in that:
A. firms earn economic profits in the long run B. there are a large number of firms C. firms face downward-sloping demand curves D. both a and b E. all of the above