Using the growth accounting equation, if the growth rate of out is 5%, the growth of labor is 3% and the growth of capital is 2% then if α=0.75 then growth of technology can be estimated to be:
A. 4.25%.
B. 4.00%.
C. 3.00%.
D. 2.75%.
D. 2.75%.
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A common misconception about supply is that
A. supply depends on many other variables B. price is a major determinant of quantity. C. it is a fixed amount. D. quantity cannot be determined in advance. E. All of these responses are correct.
If the level of investment spending increases by $100 and the MPC in the economy is 0.8, then the cumulative spending increase after three rounds of spending is
A. $280. B. $260. C. $244. D. $220.
Which term refers to a legally established maximum price that firms may charge?
A) a tariff B) a price ceiling C) a price floor D) a subsidy
Collective consumption goods can lose their collective consumption characteristics as they get more crowded
a. True b. False