Measurements of TFP indicate that the East Asian success story is based on
A) a significantly different economic model from the one followed in the West.
B) unusually large amounts of innovation.
C) rapid increases in the education of the work force.
D) high amounts of savings and investment.
E) large current account surpluses.
D
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In the above figure, as Brendan's income rises his consumption bundle moves from point A to point B. This implies that for Brendan, compact discs are ________ good and haircuts are ________ good
A) a normal; an inferior B) a normal; a normal C) an inferior; an inferior D) an inferior; a normal
Which of the following is an entity of the Federal Reserve System?
A) the U.S. Treasury Secretary B) the FOMC C) the Comptroller of the Currency D) the FDIC
Some laborers are productive, others are less so. How do we measure labor productivity? Why are there differences in labor productivity? a. Labor productivity is capital stock divided by labor, and differences may be explained by differences in the capital-labor ratio
b. Labor productivity is output divided by capital stock, and differences may be explained by differences in the capital-output ratio. c. Labor productivity is capital divided by GDP, and differences may be explained by differences in the capital-output ratio. d. Labor productivity is the change in labor divided by GDP, and differences may be explained by differences in the capital-output ratio. e. Labor productivity is GDP divided by labor, and differences may be explained by differences in the capital-labor ratio.
If the price level in the current period is lower than what buyers and sellers anticipated,
a. profit margins will be unattractive, and firms will expand output. b. profit margins will be unattractive, and firms will reduce output. c. profit margins will be attractive, and firms will expand output. d. profit margins will be attractive, and firms will reduce output.