Two of the most important factors that influence total factor productivity are
A) the stock of knowledge that the world possesses and the associated level of technology.
B) the quantity and quality of labor available in an economy.
C) capital accumulation and the total level of investment in an economy.
D) population growth rates and the geographic location of the population.
A
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If a government had a debt of $300 billion and then ran deficits of $200 billion each year for the next three years, by the end of the third year its total debt would be
A) -$300. B) $300 billion. C) $600 billion. D) $900 billion.
Suppose drug companies come out with new wonder-drugs capable of curing the common cold. What is the most likely effect on the demand for physicians' services?
A) The demand will become more elastic. B) The demand will become more inelastic. C) The demand will decrease if government or private insurance pays all or most of the physicians' fees. D) The demand will increase if the drugs can only be obtained with a physician's prescription. E) The demand will not change, though the quantity demanded almost certainly will.