Changes in the saving rate, labor-force growth rate, and depreciation rate will ________ the steady-state level of real GDP per capita and will ________ the steady-state growth rate

The opportunity cost of an action is always equal to:

a. the monetary expense incurred as a result of the action b. the value of any alternative use of the time expended on the action. c. the highest valued alternatives sacrificed as a result of the action. d. the sum of the benefits received as a result of the action.

Which of the following have to be true about functions in the duality picture:

A. The expenditure function is homogeneous of degree 1 in prices. B. The compensated demand functions are homogeneous of degree 1 in prices. C. The uncompensated demand functions are homogeneous of degree 1 in prices. D. Both (a) and (b). E. Both (b) and (c). F. Both (a) and (c). G. All of the above. H. None of the above.