Industrial machinery is an example of
a. a factor of production that in the past was an output from the production process.
b. technological knowledge.
c. a production function.
d. an item which always has the property called constant returns to scale.
a
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The consensus of major econometric models is that monetary policy has
A) no effect on real GDP. B) an effect on real GDP only in the long run. C) a negative effect on real GDP. D) a substantial short-run effect on real GDP.
Suppose that we interpret N as the "effective" labor supply. A "labor-augmenting" technological improvement, when graphed in the Solow growth model, causes (Y/N) to ________ and real GDP per person to ________
A) rise, rise B) rise, fall C) fall, rise D) fall, fall E) fall, remain unchanged
When a market is corrected for externalities, it:
A. is equitable and makes everyone better off. B. is efficient and maximizes surplus. C. needs government regulation to maintain. D. All of these statements are true.
From 2002 to 2014, long-term debt at four-year public institutions of higher education
A. doubled. B. increased four-fold. C. decreased by half. D. remained constant.