Studying the growth of (Y/N) in the United States over the period 1909-1957, Robert Solow found that growth in multifactor productivity accounted for ________ of it
A) ten percent
B) twenty-five percent
C) one-third
D) roughly half
E) seven-eighths
E
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The shoe leather costs of inflation include all of the following except:
A. the cost of more frequent trips to the bank. B. the installation of a new cash management system. C. the extra costs incurred to avoid holding cash. D. the lost purchasing power of cash.
The figure above shows the marginal social cost curve of generating electricity and the marginal private cost curve. The marginal cost paid by the producers and everyone else in society when 100 billion kilowatt hours are produced is
A) 0¢ per kilowatt. B) 5¢ per kilowatt. C) 10¢ per kilowatt. D) 20¢ per kilowatt. E) 15¢ per kilowatt.
When long-run average total cost decreases as output increases, a firm experiences
a. increasing average fixed cost b. decreasing total cost c. economies of scale d. diseconomies of scale e. constant returns to scale
When the supply curve shifts to the left and there is no change in demand:
A. the equilibrium price will rise. B. the market cannot reestablish an equilibrium. C. the equilibrium price will fall. D. the equilibrium quantity will rise.