Refer to the information above. Given this information, the steady state rate of growth of output per worker is
A) 0.
B) 2%.
C) 3%.
D) 5%.
E) 16%.
C
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In the country of Darrowby, net domestic income at factor cost is $2.0 million. Gross domestic product is $3.0 million, and depreciation is $0.5 million. Indirect taxes less subsidies ________
A) are $1 million B) are $0.5 million C) cannot be calculated D) are -$0.5 million
Suppose that the value of the long-run absolute elasticity of demand for a good is 1.2. Then, we know the short-run absolute price elasticity of demand will be
A) inelastic. B) greater than 1.2. C) elastic. D) less than 1.2.
Would the owner of a profit-maximizing fast-food establishment hire another worker for $55 per day if that worker added faster service, increasing sales and revenue by $98 per day? Why or why not?
A major difficulty with the infant industry argument for protection is that
A) government revenue will fall with a tariff. B) it requires the nation to fall into the large country case for tariff protection. C) effective rates of protection are usually greater than nominal rates. D) the measurement of production externalities is difficult and uncertain.