If output per capita grows by a constant 3% per year, then the standard of living would grow by about ________ over 4 years
A) 13%
B) 14%
C) 15%
D) 16%
E) 17%
A
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Aggregate measures are
A) anything to do with economics. B) a total measure of a variable across the economy. C) used only in microeconomics. D) determined by the Bureau of Labor Statistics.
If Mike earns $80,000 this year and pays $16,000 in taxes and David earns $50,000 this year and pays $11,000 in taxes, this tax system would appear to be a. progressive
b. proportional. c. regressive. d. none of the above
John Maynard Keynes argued that the creation of wealth is properly the concern of government , not the concern of individuals .
A True B False
A firm is hiring resources X, Y, and Z in the profit-maximizing amounts when:
A. MRP x /P x equals MRP y /Py equals MRP z /P z equals 1. B. the sum of the MRPs of the three resources is at a minimum. C. the marginal revenue productivity of all three resources is the same. D. the marginal revenue product of the last dollar spent on each of the three resources is the same.