Studying the growth of (Y/N) in the United States over the period 1909-1957, Robert Solow found that growth in multifactor productivity accounted for ________ of it
A) ten percent
B) twenty-five percent
C) one-third
D) roughly half
E) seven-eighths
E
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Redbox rents DVDs for $1 per day via self-service kiosks located across the United States. The CFO of Redbox wants to identify how responsive consumers are to an increase or decrease in the daily price of a rental
The economic concept the CFO wants to understand is A) price elasticity of demand. B) elasticity of supply. C) changes in demand. D) changes in supply.
An inelastic supply schedule means that _____
a. suppliers are unwilling to substitute away from producing the good b. demanders are unwilling to substitute away from consuming the good c. demanders are unwilling to substitute towards consuming the good d. suppliers are unwilling to shift any portion of an imposed tax onto demanders