Regarding the output growth slowdown during the 1970s and 1980s, it is true that
a. the slowdown took place in the U.S. but not other developing countries.
b. the primary determinant of the slowdown was lower labor productivity growth.
c. increases in capital formation did not offset some of the slowdown in labor productivity growth.
d. both b and c.
D
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Which of the following is not a principal-agent relationship?
a. Adam and Gloria get married. b. Payless, Getless, Inc., hires a salesperson. c. Dixie hires a lawyer. d. Citizens elect a state senator. e. Opal gets her car repaired.
If a good has a price elasticity of demand equal to 0.4, and the price elasticity of supply is equal to 6.5, the good is a strong candidate for a unit tax
Indicate whether the statement is true or false
The income-expenditure identity for a closed economy is:
A. Y + G = C + I ? NX. B. Y = C + I + G. C. Y = C + I + G + NX. D. Im ? Ex = C + I.
If nominal GDP is $800 billion and, on average, each dollar is spent four times in the economy over a year, then the quantity of money demanded for transactions purposes will be:
A. $200 billion B. $400 billion C. $800 billion D. $3,200 billion