Which of the following variables is fixed in the aggregate expenditure model?
A) output
B) real GDP
C) consumption
D) investment
E) price level
E
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Which of the following is the formula for the growth rate of multifactor productivity written so that the first term in the equation represents the growth rate of labor productivity?
A) y + bk + (1 - b)n B) y = a + bk + (1 - b)n C) a = y - bk - (1 - b)n D) a = (y - n) - b(k - n)
Are money and income the same thing?
a. No, money is measured at a point in time and income is measured for a period of time. b. No, money is measured for a period of time and income is measured at a point in time. c. Yes, they are just measured in different ways. d. Yes, the only difference is real versus nominal.
Suppose the president of a college argues that a 25 percent tuition increase will raise revenues for the college. It can be concluded that the president thinks that demand to attend this college is:
a. unitary elastic. b. perfectly elastic. c. inelastic, but not perfectly inelastic. d. elastic.
If the units of variable input in a production process are 1, 2, 3, 4, and 5, and the corresponding total outputs are 30, 34, 37, 39, and 40, respectively. The marginal product of the fourth unit is:
a. 1. b. 37. c. 2. d. 39.