Which of the following will cause a reduction in the steady-state growth rate of output per worker?
A) a reduction in the saving rate
B) an increase in the population growth rate
C) an increase in the rate of depreciation
D) an increase in the saving rate
E) none of the above
E
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If a consumer must spend her entire income on some combination of two commodities and chooses to spend it all on just one of the commodities then:
A) the other commodity is an economic bad. B) the other commodity must have zero marginal utility. C) the other commodity generates less utility per dollar spent on the good. D) the two commodities must be perfect substitutes.
The branch of economics that focuses on outcomes in highly aggregated markets, such as the markets for labor or consumption goods, is called: a. macroeconomics
b. positive economics. c. normative economics. d. microeconomics.