An economy with population 500 million has a research and development productivity of 0.0005, and its output per person has risen from one period to the next along its balanced growth path from 350 to 362.5
The fraction of this economy's population engaged in research and development is ________. A) 14%
B) 2.5%
C) 3.6%
D) 10 %
D
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Refer to the scenario above. If the best response of one bidder is to place a bid of $9,000, what is her maximum willingness to pay for the necklace?
A) $10,000 B) $9,000 C) $4,500 D) $18,000
Which of the following is true about inflation? a. Inflation promotes social harmony by uniting people against the government
b. Inflation is more damaging if it is unanticipated. c. Accurate anticipation of inflation is possible for everyone who is well informed about economic events. d. Those who lend money at a rate above the rate of inflation suffer economic losses. e. If people accurately anticipate inflation, their actions will prevent it.