(Consider This) In 1975, McDonald's introduced its Egg McMuffin breakfast sandwich, which remains popular and profitable today. This longevity illustrates the idea of:
A. opportunity cost.
B. upsloping supply.
C. consumer sovereignty.
D. specialization.
Answer: C
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In the steady state of Solow's exogenous growth model, an increase in total factor productivity
A) increases output per worker and increases capital per worker. B) increases output per worker and decreases capital per worker. C) decreases output per worker and increases capital per worker. D) decreases output per worker and decreases capital per worker.
Since 1996, _____
a. U.S. productivity growth has skyrocketed, at least initially, as more computers were installed b. the computer sector has grown faster than the U.S. economy as a whole c. spending on computers has been approximately constant as a fraction of total U.S. investment spending d. the contribution of computers to U.S. productivity growth has been negative e. computing technology has not improved enough to have a measurable impact on U.S. productivity
Currently a country has real GDP per person of 500 . Raising capital per worker by one would increase output per worker by 4 . Other things the same, which of the following long-run combinations are consistent with the effects of this country increasing its saving rate?
a. real GDP per person is 520 and raising capital per worker by one would increase output per worker by 3 b. real GDP per person is 520 and raising capital per worker by one would increase output per worker by 5 c. real GDP per person is 480 and raising capital per worker by one would increase output per worker by 3 d. real GDP per person is 480 and raising capital per worker by one would increase output per worker by 5
Usually, price elasticities of supply are
A) positive, because higher prices yield larger quantities supplied. B) considered short-run adjustments due to supply constraints. C) ordinarily a negative number based on the law of supply. D) an inverse relationship between price and quantity supplied.