Which of the following statements is true of growth in the U.S. economy from 1950 to 2007?
A) Growth resulting from physical capital > growth resulting from technology > growth resulting from human capital
B) Growth resulting from technology > growth resulting from physical capital > growth resulting from human capital
C) Growth resulting from human capital > growth resulting from technology > growth resulting from physical capital
D) Growth resulting from technology > growth resulting from human capital > growth resulting from physical capital
B
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Countries tend to export different goods and services because of:
a. differences in their comparative advantage. b. differences in their tastes and technological needs. c. differences in income. d. similarities in resource endowment. e. differences in the exchange rates.
In the country of Marzipana, total consumption in Year 1 was $56,000 million and in Year 2 was $60,000 million. It has been observed that each time disposable income changes in this country by $100, consumption changes by $70 . Using this information compute the change in disposable income from Year 1 to Year 2
a. Disposable income increased by $2,800 million in Year 2. b. Disposable income decreased by $2,000 million in Year 2. c. Disposable income increased by $2,000 million in Year 2. d. Disposable income increased by $4,500 million in Year 2. e. Disposable income decreased by $2,600 million in Year 2.
If a firm decides to ignore the reactions of its rivals to its policies, the appropriate model to analyze its behavior is
a. game theory. b. perfect competition. c. monopoly. d. cartels.
The fact that the demand for luxury cars is elastic is not surprising because
A. luxury cars are primarily a "status symbol." B. the supply of luxury cars is inelastic. C. luxury cars are relatively expensive. D. there are few substitutes for true luxury cars.