Compared to 1929, total output per person in the U.S. today is approximately ________ times larger.

The fact that 80% of the assets accumulated during a lifetime are bequeathed to heirs in the United States suggests that

A) the appropriate time horizon for consumption theory is the lifetime of the earner. B) the appropriate time horizon for consumption theory is intergenerational. C) the Barro-Ricardo equivalence theorem is correct. D) it is true that higher taxes increase savings.

If labor is the only variable input, a firm's labor demand curve is the

a. entire marginal revenue product of labor curve b. downward-sloping portion of its marginal revenue product of labor curve c. downward-sloping portion of its marginal product of labor curve d. demand curve for the product produced by labor e. downward-sloping portion of the firm's marginal revenue curve