Edward Denison's analysis of the American economy found that
A) total factor productivity was the largest source of economic growth since 1948.
B) the contribution of labor growth has been more variable than the contribution of capital growth.
C) productivity growth has been positive over every period of more than five years since WorldWar II.
D) the contribution of labor growth has been greater than the contribution of capital growth.
D
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Governments may prefer an inflation tax to some other type of tax because the inflation tax
a. is easier to impose. b. reduces inflation. c. falls mainly on high-income individuals. d. reduces the real cost of government expenditure.
Being a member of a cartel is similar to being in a Prisoner's Dilemma situation because
a. each firm is being held hostage by the decisions of the other firms. b. of anti-trust laws which make price fixing a criminal offense. c. to obtain the best possible outcome for all, an enforcement mechanism is needed. d. of the presence of organized crime in industries with cartels.