An important factor that contributes to labor productivity growth is:
A) growth in the capital stock.
B) technological change.
C) the standard of living.
D) A and B only
E) A, B, and C are correct.
D
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In the long run, monopolistically competitive firms can make an economic profit because of product differentiation
Indicate whether the statement is true or false
The large increase in mandatory spending over recent years is due largely to ______.
a. wars and terrorism b. high immigration c. an aging population d. poorly maintained roads
From 2007 to 2012, the U.S. personal savings rate rose. If the additional savings were not translated into investment, Keynes would predict that aggregate income would:
A. decline and remain there. B. rise and remain there. C. rise indefinitely. D. accelerate.
If a consumer is at an optimum, consuming X and Y, and the price of Y increases, then to get to a new equilibrium the consumer must
A) purchase less X. B) purchase less of both X and Y. C) purchase more X. D) purchase more of both X and Y.