Balanced growth paths can differ across countries due to differences in saving rates, labor force growth rates, and the rates of labor-augmenting technological change
These differences are likely to result in differences in ________, a common measure of the standard of living. A) happiness
B) life expectancy
C) income distribution
D) real GDP per capita
D
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What does making decisions "at the margin" mean?
a. that people evaluate how easily a decision can be reversed if problems arise b. that people make those decisions that do not impose a marginal cost c. that people compare the marginal costs and marginal benefits of each decision d. that people always calculate the marginal dollar costs for each decision
When determining an appropriate congestion tax, economists would use which of the following elements of the economic way of thinking?
A) thinking at the margin B) making assumptions C) isolating variables D) all of the above