In a steady-state economy with no population growth, consumption per worker is 45, the saving rate is 25 percent, and the depreciation rate is 15 percent. The level of capital per worker is ________
A) 75
B) 36
C) 100
D) 27
C
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Output in the long run is determined by which of the two following factors when an economy operates at full employment?
A) capital and supply B) capital and labor C) the "real" GDP and purchases D) imports and exports
Explain why a price discriminating monopolist would not necessarily want to price all along the entire demand curve
What will be an ideal response?
The shape of the costs curves may be traced back to
A) the law of diminishing marginal utility. B) the difference between the short run and the long run. C) the law of diminishing marginal returns. D) the fact that all production occurs in the long run.
Marginal benefits are the:
A. incremental benefits of a decision. B. average benefits of a decision. C. present discounted benefit of a decision. D. total benefits of a decision.