Growth accounting is seen a useful way to estimate this inputs contribution to growth:
A. labor.
B. physical capital.
C. land.
D. technology.
Answer: D
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A new 2015 Honda Civic produced in 2015 and purchased in 2016 is
A) part of GDP in 2015. B) part of GDP in 2016. C) not part of GDP in either year because it was produced in one year and sold in another year. D) part of GDP in both 2015 and 2016.
Most wealthy governments give aid through:
A. the Federal Reserve. B. the United Nations. C. the Peace Corps. D. national development agencies or sectors of foreign affairs ministries.
Suppose that the price of eggs increases from 75 cents to $1.00 per dozen and as a result a typical farmer experiences a decrease in egg sales from 300 to 200 dozen per week. Using the method of average values, the absolute price elasticity of demand is
A) 1.4. B) 0.8. C) 3.0. D) 1.75.
For Product X, the income elasticity of demand is 1.16. Which of the following is therefore definitely TRUE?
A) Product X is a necessity. B) Product X is income elastic. C) Product X is a substitute for some other good. D) Product X is something that mostly poor people will buy.