Which of the following explains the ability of the U.S. economy to avoid diminishing marginal returns and experience accelerating growth in the early to mid-20th century?
A) immigration
B) additions of a greater amount of capital of the same quality
C) a decrease in the quality of labor
D) continuing technological change
D
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In the Romer model. as more labor is devoted to research and development ________
A) there is an immediate decrease in output per capita B) there is an immediate increase in output per capita C) output per capita is unaffected, but the savings rate begins to rise D) output per capita is unaffected, but the savings rate begins to fall
As the market price of a good falls, consumer surplus: a. falls
b. rises. c. does not change. d. can either fall, rise, or stay the same.
If a change in the price of a good causes no change in total revenue
a. the demand for the good must be elastic. b. the demand for the good must be inelastic. c. the demand for the good must be unit elastic. d. buyers must not respond very much to a change in price.
One advantage of a partnership over a sole proprietorship is:
A. ease of formation. B. limited liability. C. greater accountability. D. the ability to share the work and risks of business.