Economic data:
A. are sometimes revised months or years after their initial release.
B. are never fully reliable, even after years of revisions.
C. tend to be completely reliable and accurate when first reported.
D. are meaningless if not interpreted by a policymaker with good instincts.
Ans: A. are sometimes revised months or years after their initial release.
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From the Industrial Revolution to the present, innovation has played a major role in the growth of output. What do the leading analysts of economic growth argue were some of the most significant innovations of this period?
Using the growth accounting equation, if the growth rate of output is 5%, the growth of labor is 2% and the growth of capital is 2% then if α=0.50 then growth of technology can be estimated to be:
A. 4.25%. B. 4.00%. C. 3.00%. D. 4.75%.