The rate of productivity growth is the primary determinant of an economy’s rate of _________ economic growth and higher wages.
a. long-term
b. short-term
c. immediate
d. historic
a. long-term
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The Cobb-Douglas production function has which of the following properties?
a. output is a linear increasing function of each of the inputs b. it provides a good fit to the traditional S-shaped production function c. the elasticity of production is constant and equal to 1 minus the exponent of the appropriate variable d. all of the above e. none of the above
During periods of high inflation, such as the 1979–1980 period, the existence of usury laws may cause
A. nominal rates of interest to be above real rates. B. negative nominal rates of interest. C. negative real rates of interest. D. real rates of interest to be above nominal rates.
Which of the following is NOT a restriction the government imposes to keep potential entrants out of a market?
A) subsidizing imported goods B) licensing of exclusive ownership of such a vital resources C) certificate of convenience D) compliance with government safety regulations
A monopolist will not change its current behavior
A. unless it earns positive economic profits in the long run. B. if it earns positive economic profits in the long run. C. even if total revenue does not cover variable costs. D. unless demand is greater than marginal revenue.