The difference between the sale value of the product and the value of the inputs that went into it is called the:

Suppose that we interpret N as the "effective" labor supply. A "labor-augmenting" technological improvement, when graphed in the Solow growth model, causes (Y/N) to ________ and real GDP per person to ________

A) rise, rise B) rise, fall C) fall, rise D) fall, fall E) fall, remain unchanged

A tax would not impose a welfare cost only if: a. the quantity exchanged did not change as a result. b. supply was perfectly elastic

c. supply was unit elastic. d. the demand curve was perfectly elastic.