The aggregate production function used in the Solow model expresses GDP as a function of:
A) level of technology and total efficiency units of labor only.
B) physical capital and level of technology.
C) physical capital and total efficiency units of labor only.
D) physical capital, level of technology, and total efficiency units of labor.
D
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A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.
The demand curve facing the firm in ____ is the same as the industry demand curve
a. pure competition b. monopolistic competition c. oligopoly d. pure monopoly e. none of the above
If a monopolist must lower the price on all units in order to sell an additional unit,
a. it is impossible for the monopolist to maximize profit b. the monopolist will always lose profit when it increases quantity c. the monopolist will always lose revenue when it increases quantity d. price will always be greater than marginal revenue e. price will always be less than marginal revenue
________ countries have explicit requirements about the number of parties that can participate in an election.
A. Most B. None C. All D. Few