If a country's population grows at the same rate as its real GDP, then real per capita GDP
a. grows at an increasing rate
b. grows at a constant rate
c. doesn't change
d. decreases at a decreasing rate
e. decreases at a constant rate
C
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Explain the two reasons why the United States Social Security payroll tax is regressive. Could the payroll tax be made a progressive tax? Why or why not?
What will be an ideal response?
Given the production function q = 4L + K, what is the marginal product of labor when capital is fixed at 50?
A) 54 B) 4 C) 50 D) 250
The fact that people sometimes regret having made a decision with perfectly predictable consequences:
A. cannot be explained by traditional economic models. B. suggests that people like to be unhappy. C. is a core assumption upon which traditional economic models are built. D. is a natural prediction of many traditional economic models.
What determines the productivity growth rates of a country?
A. Amount of working capital currently available B. Rates of increase of capital, technology, and workforce quality C. Current level of gross domestic product D. Current levels of human capital, physical capital, and technology