Edward Denison found that labor's contribution to output growth in the United States since 1929 was attributable to all the factors below except
A) rising population.
B) an increase in the percentage of the population in the labor force.
C) an increase in the number of hours worked per person.
D) higher educational levels.
C
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Suppose firms A and B each make T-shirts. Firm A's production function is q = L0.5 K0.5. Firm B's production function is q = 1.2 ? L0.5 K0.5
If the two firms each hire the same amounts of capital and labor, compare the two firms in terms of APL and MPL.
Other things equal, the demand for a good tends to be more inelastic when
a. there are fewer available substitutes. b. a longer time period is considered. c. the good is considered a luxury good. d. the market for the good is more narrowly defined.
European communism collapsed during the years
A. 1974-1976. B. 1979-1981. C. 1984-1986. D. 1989-1991.