Over the past year, output grew 5%, capital grew 5%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did productivity grow?
A) 0.5%
B) 1.0%
C) 2.2%
D) 2.8%
D
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Which of the following statements is not correct?
a. Libertarians are opposed to redistributing income. b. Critics of the welfare system argue that it breaks up families. c. One of the problems with measuring income inequality is valuing in-kind transfers. d. Utilitarians believe that the government should punish crimes but should not redistribute income.
The stock of wealth increases more rapidly the faster the flow of ________.
A. assets B. money C. saving D. income
A profit-maximizing firm in a competitive market will continue to hire more workers when
A. the marginal factor cost is less than the marginal revenue product of the additional workers. B. the marginal factor cost is less than zero. C. the marginal factor cost equals the marginal revenue product of the additional workers. D. the marginal factor cost exceeds the marginal revenue product of the additional workers.
If 1 U.S. dollar exchanges for 3.98 Polish zlotys, how much would it cost in zloty to purchase a Ford Explorer priced at $23,000?
What will be an ideal response?