An economy of 82 million people has twenty percent of them engaged in research and development, where their productivity is 0.003
The economy is on a balanced growth path, when suddenly the productiveness of R&D rises to 0.004. For the one period that begins with this productivity increase, the growth rate of output is ________. [Refer to the instruction above.]
A) 8.7%
B) 9.4%
C) 6.6%
D) 7%
B
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Economic analysis is based on the premise that
a. people act only out of selfish motives. b. people are always fully informed when making choices. c. changes in the personal benefits or costs of an action influence behavior in a predictable way. d. most human behavior is unpredictable.
Suppose the supply and demand tables shown reflect the supply and demand for milk per week. What is the equilibrium price and quantity of milk?Price(per gallon)Quantity demanded (gallons per week)Quantity Supplied (gallons per week)$12,0001,000$21,5001,500$31,0002,000$45002,500
A. $1 per gallon and 2,000 gallons per week B. $2 per gallon and 1,500 gallons per week C. $4 per gallon and 2,000 gallons per week D. $3 per gallon and 2,000 gallons per week