According to growth accounting estimates, during the 1929-1982 period, increases in capital and labor account for about ______ of total growth
a. 0 percent.
b. 25 percent.
c. 50 percent.
d. 90 percent.
e. none of the above.
D
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Governments may intervene in private markets through
A) rationing by political power. B) price floors. C) price ceilings. D) all of the above.
If the firm hires 5 workers, the total amount of fixed costs equals
a. $250 b. $50 c. $200 d. $1200
The labor demand curve shows the
a. number of workers that firms will want to hire at any wage rate b. number of people who will want jobs at any wage rate c. amount of labor that a firm needs to produce a given amount of output d. equilibrium wage rate and number of workers employed e. amount of output workers will be able to buy for a given number of hours worked
Which of the following is true of profits and losses?
a. Profits direct entrepreneurs toward production of goods that are highly valued relative to their cost, while losses direct them away from wealth-reducing activities. b. Profits indicate that the firm is charging prices that are too high, while losses indicate that the firm needs to raise its prices. c. Profits indicate that the consumer is getting a bad deal, while losses indicate that the consumer values the product highly relative to its cost. d. Profits indicate that the suppliers of resources are underpaid, while losses indicate they are overpaid.