Economic rent applies to
A) land only and nothing else.
B) real property only.
C) all resources.
D) any resource in fixed supply.
D
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Using the growth accounting equation, if the growth rate of technology is 3%, the growth of labor is 2% and the growth of capital is 1% then if α=0.75 then growth of output can be estimated to be:
A. 4.25%. B. 4.00%. C. 6.00%. D. 4.75%.
When the federal government discovers that its tax revenues have fallen short of its planned spending, interest-bearing IOUs are printed and sold on the market by
a. the Federal Reserve b. the FDIC c. the Treasury Department d. Congress e. Department of Commerce
According to the kinked demand curve model, an oligopolist may face
A. more elastic demand than a monopolistic competitor. B. less elastic demand than a monopolistic competitor. C. more elastic demand if she raises her price than if she lowers her price. D. less elastic demand if she raises her price than if she lowers her price.
The U shape of the average total cost curve is because:
A. average productivity rises and then falls. B. marginal product falls and then rises. C. average productivity falls and then rises. D. average productivity is constant.