Which of the following is true about per capita income?
A) it is an approximate measure of how rich or poor a country is
B) it is the same as income per worker only if everyone in the economy is assumed to work
C) it is the product of TFP and capital per worker only if everyone in the economy is assumed to work
D) all of the above
E) none of the above
D
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If the price level rises by 3 percent and workers' money wage rate increase by 1 percent, then the
A) quantity of labor supplied decreases. B) quantity of labor supplied increases. C) quantity of labor supplied does not change because there is no change in the real wage rate. D) real wage rate increases.
The new growth theory emphasizes the critical role of ____ in modern economic growth
a. new machinery b. new knowledge c. new natural resources d. new government programs