A consequence of a publicly owned natural monopoly is:
A. the loss of the profit motive.
B. an increase in the motivation to improve efficiency.
C. increased public pressure to reduce costs.
D. reduced chance to remain open longer than political terms of office.
A. the loss of the profit motive.
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A cost of aggregation is that:
A. broad economic trends are obscured B. details about individual households and firms are lost C. economy-wide totals cannot be obtained D. the "big picture" cannot be studied
Which of the following is likely to be included in a country's Gross Domestic Product in a particular year?
A) An unsold inventory of automobiles produced in that year B) The total amount steel used in the production of automobiles in that year C) The total amount of flour used by bakeries to make bread in that year D) An unused stock of goods produced in the previous year
When total product is increasing at an increasing rate, marginal product is:
A. positive and increasing. B. positive and decreasing. C. constant. D. negative.
Over the past year, output grew 6%, capital grew 2%, and labor grew 4%. 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. 3.0% C. 3.3% D. 2.6%