Productivity growth can be measured ________
A) by dividing output by Kt0.3 Lt0.7
B) by adding the contributions from capital growth and labor growth
C) by subtracting the contributions from capital growth and labor growth from the growth of output
D) by dividing the growth of output by the contributions from capital growth and labor growth
C
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Economic growth tends to be higher in a country that
A) has an open economy that encourages the rapid spread of technology. B) does not grant patents to investors. C) has a low saving rate. D) has an undeveloped system of property rights.
Consider the market for cable television, a natural monopoly, shown in the figure above. If the regulator imposes an average cost pricing rule, deadweight loss is equal to
A) $5 million. B) $0 million. C) more than $10 million and less than $20 million.. D) $20 million or more.
Cartels:
a. encourage competition. b. attempt to restrict output in order to raise prices. c. rely on legally enforceable contracts between cartel participants. d. rely on advertising and packaging to increase profits. e. All of the above.
Price discrimination occurs when:
a. firms maximize their profit by setting price equal to marginal cost. b. a seller charges different prices to different consumers of the same product or service. c. a seller charges the same price to consumers of a different product or service. d. a seller charges different prices to consumers, discriminating by race or gender of the consumer.