In the steady state, real GDP per worker ________, and real GDP per effective worker ________
A) will grow; will grow
B) will grow; is constant
C) is constant; will grow
D) is constant; is constant
B
You might also like to view...
In a perfectly competitive market, a(n) ________ occurs because ________
A) efficient outcome; total surplus is maximized B) deadweight loss; firms minimize average minimum cost C) efficient outcome; the fair rules condition is met D) deadweight loss; firms must be price takers E) deadweight loss; total surplus is minimized
Many economists believe that when the federal government establishes an agency to regulate a particular industry, the regulated firms try to influence the agency even if these actions do not benefit the public
Economists refer to this result of government regulation by which of the following terms? A) special-interest regulation B) regulatory capture C) the regulatory paradox D) logrolling
"The government should choose policies to maximize the total utility of society.". This statement is most closely associated with which political philosophy?
a. liberalism b. utilitarianism c. libertarianism d. welfarism
If the price of cheese falls by 1 percent and the quantity demanded rises by 3 percent, then the price elasticity of demand for cheese is equal to:
A. 30. B. 0.333. C. 3. D. 0.30.