The two most important factors contributing to increased productivity in industrialized countries in the twentieth century were:
A. higher relative prices and technological progress.
B. higher relative prices and a larger labor supply.
C. technological progress and increases in the labor supply.
D. technological progress and increases in the capital stock.
Answer: D
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Which of the following is true about price elasticity of supply?
A) Price elasticity of supply = Percentage change in quantity supplied / Absolute change in price B) Price elasticity of supply = Percentage change in quantity supplied / Percentage change in price C) Price elasticity of supply = Percentage change in quantity supplied × Absolute change in price D) Price elasticity of supply = Percentage change in quantity supplied × Percentage change in price
If you put $100 into a bank account that earns five percent interest per year, what is the formula you should use to determine the account's future value in one year?
A) Future value = [Present value × (1 + i)] B) Future value = (Present value × i) C) Future value = (Present value / i) D) All of these yield the same answer.
The marginal rate of substitution ____ as one moves downward along the indifference curve
a. increase b. remains constant c. decreases d. increases and then decreases
If the MPS = .25, and investment falls from $100 to $75, real GDP will decrease by:
a. $25. b. $75. c. $150. d. $125. e. $100.