According to the method of growth accounting, which of the following contribute to economic growth?
A. capital growth
B. labor growth
C. technological progress
D. All of these
Answer: D
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The last time the U.S. Post Office raised its prices for mail service critics of the rate increase argued that the Post Office's revenues would actually decline as a result of the price increase. It can be concluded that:
A) both groups believe demand is elastic, but for different reasons. B) both groups believe demand is inelastic, but for different reasons. C) the Post Office believes demand for mail service is elastic; opponents of the price increase believe demand is inelastic. D) the Post Office believes demand for mail service is inelastic; opponents of the price increase believe demand is elastic.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Which of the following is NOT a true statement about economic sanctions?
A) Economic sanctions are aimed at broad policy objectives, such as the end of apartheid. B) Economic sanctions can seriously harm the economy of a country on which they are imposed. C) Economic sanctions are usually effective in achieving policy goals. D) Economic sanctions may not be sufficient to achieve policy goals without military force or other measures.
Which of the following is a true statement about factors relating to productivity growth in the last decade?
A. Information technology changes have had little measurable impact on U.S GDP growth B. Average world productivity growth has exceeded U.S. productivity growth C. United States productivity growth has exceeded average productivity growth in the rest of the world D. European labor markets are more flexible than U.S labor markets