With an increase in total factor productivity in the Solow growth model,
A) output decreases temporarily and returns to the previous steady state.
B) output increases temporarily and returns to the previous steady state.
C) the economy reaches a steady state with higher output.
D) the economy reaches a steady state with lower output.
C
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Place point X on the graph to indicate full employment, point Y to indicate economic growth and point Z to indicate a bad depression.
An article on how prices in South Bend, Indiana rise during Notre Dame home football games noted: "For the Sept. 16 game against the University of Michigan, the South Bend Marriott is charging $649 a night for a double room
The Marriott's regular weekend price is $149 a night." Which of the following statements is true? A) The Marriott has adopted this pricing strategy to capitalize on arbitrage profits. B) There is no evidence of price discrimination; the Marriott is responding to increased demand for hotel rooms in the face of constant supply. C) The Marriott is practicing first-degree price discrimination by charging what the market will bear. D) This is evidence of third-degree price discrimination because hotel accommodation on a particular day is not a product that can be resold later.
The capture theory of regulation states that _____
a. regulators act in the best interests of regulators b. regulators act in the best interests of politicians c. regulators act in the best interests of the general public d. regulators act in the best interests of the regulated
Complete the following analogy: A criminal is to a police artist's sketch as the economy is to
a. money b. an economic model c. a resource d. ceteris paribus e. scarcity