If the secular trend of labor productivity is 3 percent per year, the number of years that it will take for the standard of living to double will be about:
A. 23 years.
B. 20 years.
C. 15 years.
D. 17 years.
Answer: A
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Borrowed funds that are to be repaid in a year or more are referred to as:
A) long-term debt. B) loanable funds. C) annual debt. D) stockholders' equity.
The figure above shows Sam's budget line. Why will Sam not purchase 36 gallons of gasoline and 4 pounds of coffee?
A) because he does not like this combination B) because this combination does not contain enough coffee to satisfy him C) because this combination contains more gasoline than his gasoline tank will hold D) because he cannot afford this combination
Firms in long-run perfect competition produce at
A) increasing returns to scale. B) decreasing returns to scale. C) constant returns to scale. D) no returns to scale.
If a perfectly competitive firm is producing the short-run profit-maximizing quantity and is earning positive economic profits, the firm should anticipate ________.
A) earning a competitive profit in the long-run B) earning economic profits indefinitely C) the market equilibrium price to increase D) the market supply to decrease