Government policies which reduce the price of education increase ________ in the AK growth models or increase ________ in the production function for new ideas in the two-sector growth model
A) the capital stock; the productivity of researchers
B) the efficiency index; the size of the labor force
C) the proportion of the labor force devoted to research; the capital stock
D) the productivity of researchers; the size of the labor force
A
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If the percentage change in the quantity of teapots demanded is greater than the percentage change in the price of teapots, then
A) the price elasticity of demand for teapots is greater than 1 in absolute value. B) the demand for teapots is unit elastic. C) the price elasticity of demand for teapots is less than 1 in absolute value. D) the price elasticity of demand for teapots is equal to zero.
After two rounds of quantitative easing, the money supply was:
A. $3 trillion, more than triple the amount pre-crisis. B. $2 trillion, nearly double the amount pre-crisis. C. $1 trillion, nearly the same as the amount pre-crisis. D. $2 trillion, still less than the amount pre-crisis.