The growth rate of output per person in the economy is called
A. factor growth.
B. labor productivity growth.
C. per-capita output growth.
D. output growth.
Answer: C
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Roads during the 1800s proved to be a preferred transportation alternative to railroads and thus competed successfully for profits
Indicate whether the statement is true or false
Which statement is true?
A. The perfect competitor generally makes a profit in the long run. B. There are many firms in a perfectly competitive industry. C. A perfect competitor will sell below market price to get a larger market share. D. A perfect competitor never makes a profit.
A short-run production function was estimated asQ = ?0.002L3 + 0.16L2What is total product when average product is at its maximum level?
A. 86 B. 128 C. 100 D. 94 E. 150
After September 11, 2001, a small group of economists argued that the economy’s self-correcting mechanism would work to counteract the recessionary effects of the attack.
Answer the following statement true (T) or false (F)