The widespread adoption of computers in the workplace has likely led to
A) an increase in labor productivity because computers are a capital good.
B) a decrease in labor productivity because computers are a capital good.
C) an increase in the supply of labor because people are needed to operate the computers.
D) no change in the quantity of labor hours.
E) a decrease in human capital because computers are physical capital.
A
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A simple linear demand function may be stated as Q = a - bP + cI where Q is quantity demanded, P is the product price, and I is consumer income. To compute an appropriate value for c, we can use observed values for Q and I and then set the estimated income elasticity of demand equal to:
A. c(Q/I). B. -b(I/Q). C. Q/(cI). D. c(I/Q).
Which of the following are predicted by the classical growth theory?
i. Population growth will end economic growth. ii. Real GDP per person will return to subsistence level. iii. Technology drives persistent economic growth. A) i only B) ii only C) i, ii and iii D) i and iii E) i and ii