The cumulative power of productivity growth:
a. emphasizes the importance of short-term growth.
b. emphasizes the importance of long-term growth.
c. emphasizes the importance of capital–labor ratio.
d. increases poverty in an economy
e. leads to capital deepening
b
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In the table above, what does the private sector surplus equal?
A) $500 billion B) $350 billion C) $150 billion D) $0
The "tech bubble" burst of 2000, the terrorist attacks of 2001 and the corporate scandals of 2001 and 2002 all had similar qualitative effects on the economy
Which of the following is an appropriate description of the mechanism that would have ensued? A) Household and business spending would have been eroded shifting the AD curve to the left. B) Unemployment would have risen and inflation would have fallen. C) Output would have declined below potential but through shifts in the AS curve, the self-correcting mechanism of the AD-AS framework would have brought the unemployment rate down to the lower levels we saw by 2004. D) all of the above E) none of the above
Given the following data, what is the distance from the origin to the point where the total expenditures (TE) curve cuts the vertical axis? C = $400 + 0.75Yd I = $120 G = $270
A) $670 B) $790.75 C) $790 D) $400 E) ?$390
We assume that when a firm hires additional workers, the marginal physical product of labor will
A. increase because large firms are more efficient. B. decrease because each worker now has less capital and other resources to work with. C. increase because more workers can always get more work done. D. decrease because the new workers are likely to be less able than the previously hired ones.