When an economy is operating at the steady state, we know that
A) steady state saving equals consumption.
B) steady state saving is less than total consumption.
C) steady state saving is equal to depreciation per worker.
D) steady state saving exceeds depreciation each year by a constant amount.
E) none of the above
C
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The firm whose short-run cost curves are given in Exhibi has a long-run fixed cost of
A. $0. B. $2. C. $3. D. $4.
When commercial banks extend loans, they are able to expand the supply of money in the United States because the U.S. has
a. a fiat supply of money. b. money that is backed by gold. c. a fractional reserve banking system. d. a system of federal deposit insurance.
As incomes increase worldwide, in addition to increased energy use, we expect to see use (and relative share) of grains and oilseeds used for animal feed
a. increase in highly developed economies only b. to decrease worldwide c. to increase worldwide d. stay at relatively the same share
Prior to the Great Recession of 2007–2009, labor input in the United States was growing at nearly
A. 1 percent per year B. 2 percent per year. C. 2.5 percent per year. D. 3 percent per year.