The equation, ?Y/Y = ?A/A + aK?K/K + aN?N/N, is known as
A. the productivity formula.
B. the Solow model.
C. the production function.
D. the growth accounting equation.
Answer: D
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There are ________ Federal Reserve Banks located in different parts of the United States.
A. 10 B. 12 C. 15 D. 50
A Lorenz curve that represents an unequal income distribution is
A. a vertical line. B. a straight line starting at 100% C. a straight line starting at the origin. D. a bowed curved.
In case of a decrease in product prices:
A) the quantity effect always dominates the price effect. B) the price effect always dominates the quantity effect. C) when the price effect dominates the quantity effect, total revenue increases. D) when the quantity effect dominates the price effect, total revenue increases.
Excess burden calculations typically assume many other distortions.
A. True B. False C. Uncertain