Refer to the information above. Which of the following equals the annual growth rate of "effective labor" in the steady state in this economy?
A) 2%
B) 3%
C) 5%
D) 10%
E) 15%
C
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In a demand-pull inflation, if the Fed stops expanding the quantity of money,
A) a cost-push inflation will occur. B) government expenditure will cause the demand-pull inflation to continue. C) a deflation will occur. D) the demand-pull inflation ends. E) None of the above answers is correct.
Which of the following markets is likely to be a monopoly?
A) The market for patented nuclear medicines B) The market for wheat C) The market for smart phones D) The market for shower gel
Four roommates share an off-campus house and equally share the cost of rent. Everyone says that she values a clean house, yet the house is usually dirty. To an economist, a clean house in this case represents
a. a common resource problem. b. a public good. c. a club good. d. All of the above are correct.
Suppose the supply of good X is given by QSx = 10 + 2Px. How many units of good X are produced if the price of good X is 20?
A. 30. B. 20. C. 10. D. None of the statements associated with this question are correct.