Which of the following is not constant when balanced growth is obtained?
A) Y/NA
B) NA
C) K/NA
D) all of the above
E) none of the above
B
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At a consumer optimum involving goods X and Y, the marginal utility of good X equals 5 utils. The price of good Y is three times the price of good X. What is the marginal utility of good Y?
A. 5. B. 3. C. 15. D. There is not enough information.
Since 1972, the world price of oil has been largely determined by OPEC, which controls about 75 percent of the world's proven oil reserves. Since 1972 the price of oil has
A) fluctuated. OPEC's situation is an example of a prisoner's dilemma. B) risen slowly, but steadily. Members of OPEC fear that if they raise the price of oil too quickly this will lead oil-buying nations to accuse OPEC of price gouging, which is illegal under international law. C) steadily fallen through the 1970s, then risen continually in the years since then. OPEC's actions are an example of implicit collusion. D) been tied by OPEC to the rate of inflation in the United States. If, for example, the rate of inflation is 5 percent in one year, OPEC will raise the price of oil by 5 percent the next year.
Whenever productive resources are used to make capital goods
A) society is not producing efficiently. B) society is giving up current consumption. C) the production possibilities curve becomes flatter. D) absolute advantage occurs.
The issuance of debt involves some intergenerational transfer of income; long after the debt is issued, a new generation of taxpayers must make interest payments on the debt
a. True b. False Indicate whether the statement is true or false