The output an economy can produce with one unit of capital and one unit of labor is ________
A) indicated by the A variable in the Cobb-Douglas production function
B) commonly referred to as labor productivity
C) a variable that depends on how many units of capital and labor are available
D) all of the above
E) none of the above
A
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Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and a decrease in quantity demanded are represented by a movement from
A) point c to point a. B) point c to point d. C) point b to point c. D) point a to point d.
Of the following OECD countries, which has the lowest infant mortality rate?
A) the United Kingdom B) Japan C) Canada D) the United States
In the above figure, the straight line between the lower left corner and the upper right corner shows
A) perfect equality in income distribution. B) perfect inequality in income distribution. C) that wealth rises as income rises. D) that household size rises as income rises.
Which of the following, if implemented in the Solow growth model, would not lead to a steady state?
A) A higher population growth rate. B) Decreasing returns to scale in production. C) A savings rate that decreases as income increases. D) A constant marginal product of capital.