Under modern economic growth, the annual average increase in output per person is
A.
Often not large, perhaps 2% per year
B.
Often large, perhaps greater than 5% per year
C.
Often small, perhaps less than 1% per year
D.
Often the same in rich countries as in poor countries
A.
Often not large, perhaps 2% per year
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The aggregate production function is bowed or concave because
A) of the diminishing marginal returns of labor. B) restriction in capital mobility. C) of the speed of payment systems. D) the learning curve for labor.
Since 1960 U.S. banks have __________ the proportion of their total lending which is done overseas
A) reduced to near zero B) scaled back C) held nearly constant D) increased
Other things equal, in an open economy, monetary policy to offset an inflationary gap will tend to
a. Lower the exchange value of the dollar and lower net exports. b. Lower the exchange value of the dollar and raise net exports. c. Raise the exchange value of the dollar and lower net exports. d. Raise the exchange value of the dollar and raise net exports.
Like competitive firms, monopolies charge a price equal to marginal cost
a. True b. False Indicate whether the statement is true or false