The method of constructing a measure of technological progress relies on which of the following assumptions?
A) each factor of production is paid its marginal product
B) population growth does not change
C) population growth is zero
D) the saving rate does note change
A
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Refer to Scenario 11.1. Suppose all five ranchers know that their land that Mariana needs is worth a total of $2 million. If each rancher agrees to sell his or her parcel of land to Mariana for $600,000, Mariana will purchase
A) all five parcels of land and the railway will be built. B) all five parcels of land but the railway will not be built. C) only four parcels of land and the railway will be built. D) no parcels of land and the railway will not be built.
Which of the following is not an example of the issue of time inconsistency?
A) a central bank announced to maintain low inflation and at the same time increased money supply B) a government stated that they will not negotiate with hostage takers. When someone is taken hostage, it negotiates C) a mom says to her kids no cookie before meals and she never gives cookies before her kids eat their meals D) a person on diet eats ice cream for dinner