MFP growth represented by a will be lower than the growth of labor productivity if
A) k > n.
B) k < n.
C) k = n.
D) None of the above. The relative size of k and n do not affect MFP growth.
A
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The economist Hernando de Soto extensively studied:
a. the problem of scarcity. b. opportunity costs. c. insecure property rights. d. economic freedom in rich countries. e. the sources of comparative advantage in trade.
When markets reach the ____ price all the opportunities for mutually beneficial trade have taken place and the sum of consumer and producer surplus is ____
a. minimum, maximized b. maximum, minimized c. equilibrium, maximized d. equilibrium, shared equally between consumers and producers
When economists make normative statements, they are
a. speaking as scientists. b. speaking as policy advisers. c. making claims about how the world is. d. revealing that they are very liberal in their views of how the world works.
Some nations are more involved in international trade than others, as measured by exports as a percentage of GDP. Which of the following most closely matches the exports as a percentage of GDP for the U.S. in 2009?
a. 71 percent b. 51 percent c. 31 percent d. 11 percent