The Solow model implies that continuous growth in productivity at a rate of one percent will result in continuous growth of output per worker at a rate of 1.43%
Thus, if at a point in time output per worker is 270 and productivity rises by one percent, the resulting level of output per worker is ________. A) 386
B) 273
C) 274
D) 277
C
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When economists describe "a market," they mean
A. any place where stocks and bonds are traded. B. a hypothetical place where the production of goods and services occurs. C. a communication network that allows individuals to keep in touch with each other. D. any place where, or mechanism by which, buyers and sellers interact to trade goods, services, or resources.
The aggregate demand curve shows that, if other factors are held constant
A) higher price levels will result in higher total planned spending. B) higher price levels will result in lower total planned spending. C) lower price levels will result in inflationary conditions. D) higher price levels will result in lower interest rates.
Which of the following organizations keeps track of all interstate commodity shipments by state of origin and state of destination in the United States?
A) Bureau of Trade Statistics B) Bureau of Transportation Statistics C) Bureau for Foreign Assistance D) Bureau of the Treasury Department
A decrease in demand with the supply held constant leads to:
a. an increased equilibrium price and an increased equilibrium quantity. b. a decreased equilibrium price and a decreased equilibrium quantity. c. a decreased equilibrium price and an increased equilibrium quantity. d. an increased equilibrium price and a decreased equilibrium quantity.