Empirical studies suggest that:
A. labor productivity has declined throughout U.S. history.
B. technological advances account for about 40 percent of U.S. productivity growth.
C. the achieving of economies of scale is the most important factor in U.S. economic growth.
D. all U.S. economic growth from between 2001 and 2007 can be attributed to increases in
the quantity of labor.
B. technological advances account for about 40 percent of U.S. productivity growth.
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Normal profit
A) is when economic profits are zero. B) is the profit that competition will allow. C) is the opportunity cost of capital. D) all of these choices.
Fred has lost his factory job, replaced by welding robots, and soon plans to go to technical school to learn computer repair because he cannot find a similar job to the one he lost. The type of unemployment facing Fred is: a. frictional. b. structural. c. cyclical
d. natural.
Changes in business inventories are:
A. classified as investment expenditures. B. classified as government purchases. C. classified as consumption expenditures. D. excluded from GDP.
Refer to Table 21.3. What are the median income and the mean income for Marklar. Are they the same?
What will be an ideal response?