The total factor productivity of an economy is the ratio of the economy's _____
a. total income to its total population
b. output to its total stock of labor and capital
c. stock of capital to its stock of labor
d. total population to its total labor force
e. total capital stock to its total population
b
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If the interest rate is 10% then the net present value of these cash flows is
a. $5,000 b. - $9,091 c. -$15,290 d. -$21,901
Factors affecting the level of medical care demand include all of the following except:
a. demographic characteristics. b. price of medical care. c. physician factors. d. health status. e. economic standing.
If the full-employment level of real GDP is greater than the equilibrium level of real GDP, the nation would be experiencing a(n)
A. rising prices. B. recessionary gap. C. demand-pull inflation. D. inflationary gap.
In the figure above, when the price falls from $8 to $7, total revenue
A) increases from $120 to $210 so demand is elastic. B) decreases from $210 to $120 so demand is inelastic. C) increases from $120 to $210 so demand is inelastic. D) decreases from $210 to $120 so demand is elastic. E) increases from $120 to $210, but more information is needed to determine whether demand is elastic, inelastic, or unit elastic.