Purchasing power parity means that
A. P = enom / PFor.
B. P = PFor.
C. enom = mc2.
D. enom = PFor / P.
Answer: D
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According to the neoclassical growth model, if a country makes a policy change to increase its savings rate, in the new steady state:
a. output per worker will grow faster than before. b. output per worker will grow at the rate of technology growth. c. capital per worker will be permanently higher. d. all of the above.
The largest source of tax revenue for the U.S. federal government is the corporate-profit tax.
a. true b. false
Two goods are substitutes if an increase in the price of one good leads to a decrease in demand for the other.
Answer the following statement true (T) or false (F)
Goods and services of value to households are
A. outputs in the production process. B. both inputs and outputs in the production process. C. inputs in the production process. D. unrelated to the production process.