If this is a closed economy, how many bushels of corn will be produced?
A. 600 million bushels
B. 900 million bushels
C. 300 million bushels
D. 150 million bushels
Answer: A
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Suppose corn farmers encounter a "bumper" corn crop, which results in a significant increase in the market supply curve for corn. Increases in supply will tend to
A) decrease the price of corn. B) increase the demand for corn. C) increase the price of corn. D) decrease the demand for corn.
Using the growth accounting equation, if the growth rate of out is 5%, the growth of labor is 3% and the growth of capital is 2% then if α=0.75 then growth of technology can be estimated to be:
A. 4.25%. B. 4.00%. C. 3.00%. D. 2.75%.
There is now general agreement among economists regarding the sources of the U.S. productivity slowdown that occurred between 1973 and 1995
a. True b. False Indicate whether the statement is true or false
Equilibrium is the condition that exists
A. when quantity demanded equals quantity supplied. B. when the demand curve intersects the price axis. C. when the demand curve intersects the quantity axis. D. whenever there is no government intervention in the market.