Total factor productivity is
a. changes in amounts of factors of production
b. changes in output due to changes in the amount of factors of production
c. changes in output due to changes in productivity of factors of production
d. changes in productivity of factors of production due to changes in other factors
e. none of the above
C
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Suppose Carmen buys ramen noodles. To determine whether ramen noodles are a normal or inferior good for her, we must observe how Carmen
A) responds to a change in the price of a substitute for ramen noodles. B) responds to a change in the price of a complement for ramen noodles. C) responds to a change in the price of ramen noodles itself. D) responds to a change in her income. E) responds to all of the above.
Suppose an individual firm is comparing two investments, a one year bond from a U.S. firm paying 4% or a one year bond from a German firm which is paying 6%. The current dollars-per-euro rate is 0.75, and the expected rate in one year is 0.72
If the expected rate is correct, which investment will receive the higher return? A) The U.S. Bond B) The German Bond C) They will have the same return. D) This cannot be determined from the information given.
The members of Federal Reserve district bank boards of directors appointed by the Board of Governors are known as
A) Class A directors. B) Class B directors. C) Class C directors. D) Class D directors.
The slope of a typical production possibilities frontier reflects the fact that
a. some systems of market organization are more efficient than others. b. the invisible hand always functions smoothly in a market system without government intervention. c. when resources are allocated efficiently, it's impossible to produce more of anything without producing less of something else. d. production is only possible when resources are allocated efficiently.