Suppose two countries are identical in every way with the following exception. Economy A has a higher saving rate than economy B. Given this information, we know with certainty that
A) steady state consumption in A is higher than in B.
B) steady state consumption in A is lower than in B.
C) steady state consumption in A and in B are equal.
D) steady state growth of output per worker is higher in A than in B.
E) none of the above
E
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A graph of the value of one variable against the value of another variable is known as a
A) two-dimensional graph. B) three-dimensional graph. C) time-series graph. D) scatter diagram. E) two-variable graph.
Refer to Table 8.3 . Assume the price of labor is $5.00 and the price of capital is $10.00 and the firm's fixed costs are $15
What production technique will be used to produce the first unit of output? The second? The third? What are the firm's total variable costs, total costs, and marginal costs of producing one unit of output? Two units of output? Three units of output?