The aggregate production function used in the Solow model expresses GDP as a function of:
A) level of technology and total efficiency units of labor only.
B) physical capital and level of technology.
C) physical capital and total efficiency units of labor only.
D) physical capital, level of technology, and total efficiency units of labor.
D
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Under fixed exchange rate, the response of an economy to a temporary fall in foreign demand for its exports is
A) the currency appreciates, and output falls. B) the currency depreciates, and output falls. C) the currency remains the same, and output decreases. D) the currency depreciates, and output remains constant. E) the currency appreciates, and output remains the same.
How do high marginal tax rates influence the growth and prosperity of countries? What type of tax policy is needed to foster economic efficiency and growth?