The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur?
A) Capital per hour worked grew rapidly from 1950 to 1980, but technological change occurred very slowly.
B) Increasing implementation of new technologies eventually suffered diminishing marginal returns.
C) Capital per hour worked grew slowly, but technological change grew very rapidly.
D) The centrally planned economy invested too heavily in technological change.
A
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When two firms collude to maximize profit the total quantity produced by both firms taken together is determined at the quantity where ________
A) excess capacity is minimized B) industry marginal cost equals industry marginal revenue C) the price equals the industry's marginal cost D) excess capacity is as large as possible zero
Which of the following examples shows causation?
a. When Terence found out he won the lottery, he jumped up and down with joy. b. When Yuki sat in a chair, he heard an ambulance siren. c. When Terence called a friend to tell him he won the lottery, a bird began to sing merrily outside. d. As the ambulance went by Yuki’s house, he drank his coffee.