_________________ means that each unit of saved time is more valuable than the last unit
a. Acceleration effect
b. Assimilation
c. Separation
d. Acculturation
A
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Over the past year, output grew 4%, capital grew 2%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did productivity grow?
A) 2.0% B) 2.7% C) 3.0% D) 3.3%
The graph shown portrays a subsidy to buyers. The deadweight loss arising from the subsidy is:
A. $400.
B. $3,600.
C. $750.
D. $800.
Suppose the required reserve ratio is 0.2 and the Fed buys $100,000 in government securities from Big Bank. The commercial banking system creates _____ as a result of this initial injection by the Fed
a. $1,000,000 b. $500,000 c. $100,000 d. $80,000 e. $200,000
In which statement(s) are "supply" and "quantity supplied" used correctly? (I) "An increase in the price of toasters will increase the quantity supplied of toasters." (II) "A technological advance that lowers the cost of producing toasters will increase the supply of toasters."
a. in both statements I and II b. in statement I only c. in statement II only d. in neither statements I nor II