Recall the Application about the productivity of large infrastructure investments to answer the following question(s). According to the Application, Donaldson and Hornbeck's (2010) study estimated that without railroads, agricultural productivity would have been ________ less.
A. 60 percent
B. 100 percent
C. 30 percent
D. 37.8 percent
Answer: A
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In the graph of the Solow growth model, at any point to the left of the steady-state intersection we have national saving per person ________ than steady-state investment per person, causing (K/N) to ________
A) greater, increase B) greater, decrease C) less, increase D) less, decrease
If a minimum wage is established, a monopsonist faces
A) an upward sloping supply of labor at all quantities of labor. B) a downward sloping supply of labor at all quantities of labor. C) a horizontal supply of labor at the minimum wage and the upward sloping portion of the labor supply curve above minimum wage. D) a horizontal supply of labor at the minimum wage and the downward sloping portion of the labor demand curve below minimum wage.
A deadweight loss occurs as a result of a per-unit tax because: a. the government spends tax dollars less efficiently than do private citizens
b. there is a decline in output for units for which the marginal benefit exceeds the marginal cost. c. taxes cause an overproduction of output relative to the socially efficient level or production. d. a surplus is created.
For a monopolist that does not price discriminate, economic profit is maximized in the short run at a price of $140 . Marginal revenue at that output level is
a. equal to $140. b. greater than $140. c. less than $140. d. less than marginal cost. e. greater than average revenue.