Given data on capital (K), labor (N), and output (Y), and estimates of capital's share of output (a), the Solow residual is measured as
A. Y / (KaN1-a)
B. Y KaN1-a
C. (Y Ka) / N1-a
D. 1/(Y KaN1-a)
Answer: A
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If net exports is negative, it must be the case that ________.
A. more goods are being exported than imported B. the value of goods, services, and resources exported is less than the value imported C. more goods are being imported than exported D. the value of goods, services, and resources imported is less than the value exported
Which of the following items is likely to have the highest positive income elasticity of demand?
a. Bread b. Jewelry c. Soap d. A plumber's service e. Table salt
When Mark recruits a new motor mechanic in his car repair and service workshop, the number of cars serviced in a day increases by five. If the number of servicing orders received by Mark remains the same, it implies that:
a. the marginal physical product of the new motor mechanic is five. b. the marginal revenue product of the new motor mechanic is zero. c. the marginal revenue product of the new motor mechanic is five. d. the marginal physical product of the new motor mechanic is zero.
According to the text, approximately how many countries are members of the WTO?
A. 131 B. 302 C. 164 D. 12