According to Gordon, which of the following is NOT a plausible explanation for a decrease in the measured growth of capital per worker in the United States after 1973?
A) higher inflation causes overtaxation and discourages saving
B) increased labor force participation by women
C) slower growth in the capital stock
D) lower real wages in response to supply shocks in the 1970s
A
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Use the figure above to answer this question. Mary is the only veterinarian in a small town. To maximize her profit, Mary will choose to treat ________ animals per hour and charge ________ per customer in order to ________
A) 4; $50; maximize profit B) 6; $20; maximize profit C) 6; $30; minimize average total cost D) 4; $50; operate on the inelastic portion of her demand curve E) 6; $20; minimize cost in order to attract more customers
When the firm produces the quantity that sets marginal revenue equal to marginal cost, a perfectly competitive firm is
A) determining the price it will set. B) maximizing its revenues. C) maximizing its profit. D) establishing its shutdown point.
Which of the following is an example of an implicit cost a firm might incur?
A) the opportunity cost to investors of the funds invested in the firm B) the wages paid to employees C) utility payments D) the payment for medical insurance coverage
If the substitution effect is stronger than the income effect, a decrease in real interest rates will ________ current consumption for households who are lenders and will ________ current consumption for households who are borrowers
A) increase; decrease B) decrease; increase C) increase; increase D) increase; have an unclear effect on