Edward Denison found that labor's contribution to output growth in the United States since 1929 was attributable to all the factors below except
A. an increase in the percentage of the population in the labor force.
B. an increase in the number of hours worked per person.
C. higher educational levels.
D. rising population.
Answer: B
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If it takes 35 years for real GDP to double, real GDP is growing at an annual rate of approximately 2%
Indicate whether the statement is true or false
The annual income that can be consumed without diminishing the total capital assets of a nation is
(a) purchasing power parity income. (b) sustainable national income. (c) environmental capital stock. (d) per capita income.
According to Garrett Hardin's view of The Tragedy of the Commons:
a. Externalities will be internalized by the market. b. Individuals will use the commons up to the point where marginal benefits equal marginal social costs. c. Individuals will create institutions to prevent the collapse of the commons. d. Individual will use the commons beyond the socially efficient point.
When firms in an industry reach an agreement to fix prices, divide up market share, or otherwise restrict competition, they are using the strategy of:
A. interindustry competition. B. collusion. C. price leadership. D. limit pricing.