The goal of endogenous growth theory is to explain ________
A) supply and demand in individual markets
B) the causes of technological advance
C) the business cycle
D) the relationship between economic growth and the rates of inflation and unemployment
B
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Labor productivity is defined as
A) the amount of workers per unit of input. B) the amount of input per worker. C) the increase in output per unit of machinery. D) the amount of output per worker.
Consider the perfectly competitive firm in the above figure. The profit maximizing level of output for the firm is equal to
A) 0 units. B) 14 units. C) 17 units. D) 19 units.
Which of the following "quotations", according to chapter 23, best summarizes Keynes conclusions about the lessons of the depression for the nature of capitalism?
a. "It is in determining the volume, not the direction, of actual employment that the existing system has broken down.". b. "An economic system that forgets to find work for millions of men and women, cannot be trusted to perform any task in an intelligent fashion.". c. "The depression is essentially a problem of reliance on a private banking system for the provision of an inherently public good, money.". d. "The rules of sound finance, namely stable prices and balanced budgets, apply as much to the present crisis, as they do in more pleasant times.".
Owners of a parking lot are deciding whether or not to add more parking spaces to the lot. The owners should stop adding parking spaces where:
a. LRMR=LRMC
b. LRMR>LRMC
c. LRMR