Which of the following is not a feature of the steady state in Solow's exogenous growth model?
A) The capital/output ratio is steady.
B) Capital grows continuously.
C) Consumption per worker is steady.
D) Total saving is steady.
D
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The original maturity on U.S. Treasury notes is between
A) three months and one year. B) one and ten years. C) six months and three years. D) ten and thirty years.
The fact that at the competitive equilibrium nobody can be made better off without making someone else worse off implies that
A) the equilibrium is pareto efficient. B) the equilibrium is not pareto efficient. C) the prices need to adjust further. D) further gains from trade are possible.
Refer to Figure 6.1. At which point on the total product curve is the average product of labor the highest?
A) point A. B) point B. C) point C. D) point D. E) none of the above
Economists argue that which allocation scheme leads to the most efficiency?
A) market based. B) government based. C) random. D) first-come, first-serve.