The simplest calculation of the growth rate of multifactor productivity starts with the growth rate of real GDP and then
A) subtracts the growth rate of labor.
B) subtracts the growth rate of capital.
C) subtracts the growth rate of labor and some fraction of the growth rate of the capital-labor ratio.
D) adds the growth rate of labor and then subtracts the depreciation and population growth rates.
C
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If the price of tangerines increases, the price of oranges also rises because
A) buyers' incomes must have decreased, and oranges are an inferior good. B) if the supply of tangerines decreased, then the supply of oranges also must decrease. C) buyers must have expected a higher price for oranges and thus increased their demand for oranges. D) consumers consider the two goods complements, and so sellers decreased the supply of oranges. E) consumers consider the two goods substitutes, and demand for oranges increases.
Suppose the exchange rate is initially set at 120 yen per dollar and increases to 140 yen per dollar. This would be expected to cause the price of Japanese goods in the U.S. economy to
A. decrease. B. change in a manner that cannot be determined without additional information. C. remain the same since domestic demand remains the same. D. increase.
Which of the following would shift the long-run aggregate supply curve to the right?
A. The elimination of job training programs. B. The elimination of government-subsidized college loans. C. A decrease in the marginal propensity to save. D. Political and economic stability.
When the euro appreciated significantly against the U.S. dollar, European policymakers were concerned.To stop the appreciation of the euro, the European Central Bank could have adopted a macroeconomic policy that:
A. reduced the supply of euros but increased the demand. B. reduced both the supply and demand for euros. C. increased both the supply and the demand for euros. D. reduced the demand for euros but increased the supply.