All of the following are factors that raise economic development EXCEPT
A. establishing a legal system.
B. government control of the country's resources.
C. an educated work force.
D. reducing trade barriers.
Answer: B
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Suppose that the production function for the economy is: Y = AK1/4L3/4. Assume that A = 1,000, the capital stock is $32,000 billion, and the labor force is 120 million (or 0.120 billion) workers. The value of the marginal product of labor is
A) $14,290.17. B) $17,043.29. C) $20,451.95. D) $22,724.33.
CEOs must create value for shareholders to be successful
Indicate whether the statement is true or false
The electric power company in a city increased its prices by 15% this year. Since the demand for electricity is a(n) ________ demand in the short run, the equilibrium price will ________.
A. inelastic; greatly increase B. elastic; decrease C. inelastic; decrease
Since 1948, the history of real wage rates generally shows that
a. prices and wages have risen at the same rate. b. prices have risen at a slower rate than wages. c. prices have risen faster than wages. d. real wages have remained constant over the period.