If capital and labor each grow 5% in a year, the elasticities of output with respect to capital and labor sum to one, and productivity grows 2% in the year, by how much does output grow during the year?
A) 2%
B) 3%
C) 5%
D) 7%
D
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The United States began to report its gross domestic product (GDP) only since
A) 1900. B) 1921. C) 1931. D) 1941. E) 1991.
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What will be an ideal response?
Explain why firms that enjoy economies of scale or scope are candidates for regulation
Which of the following is an accurate comparison between long-run elasticities of demand and short-run elasticities of demand?
a. Long-run price elasticities of demand are greater than short-run price elasticities of demand mainly for luxury items. b. Long-run price elasticities of demand are equal to short-run price elasticities of demand EXCEPT for expensive items. c. Long-run price elasticities of demand are greater than short-run price elasticities of demand for most products. d. Long-run price elasticities of demand are less than short-run price elasticities of demand for inexpensive items.