The Cobb-Douglas production function represents real GDP as a function of all of the following variables except
A) capital.
B) labor.
C) the price level.
D) total factor productivity.
C
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Which resource is the main contributor to economic growth in the United States, Latin America, and South Asia?
A) growth in physical capital B) growth in human capital C) growth in labor D) growth in natural resources
If the labor force grows faster than the number employed, the
a. unemployment rate will fall. b. unemployment rate will rise. c. labor force rate will rise. d. employment rate will rise.
Refer to Exhibit 2-8. Who has the comparative advantage in the production of good Y?
The quantity of good M is measured along the vertical axis, and the quantity of good N is measured along the horizontal axis. If the prices of both goods M and N declines by 50% each, then the budget line
A. shifts inward to the left by 50%. B. rotates clockwise by 180 degrees. C. shifts outward to the right by 100%. D. shifts outward to the right by 50%.