When calculating the factors which have led to economic growth over the last century, technological change is calculated as:
A. the rate of change of the capital-output ratio.
B. the increased productivity of capital.
C. a residual, inferred as the leftover growth after accounting for the contributions of other factors.
D. the ratio of the marginal products of capital and labor.
E. the rate of growth of the output to land ratio.
Ans: C. a residual, inferred as the leftover growth after accounting for the contributions of other factors.
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A goal of the Securities and Exchange Commission is to reduce problems arising from
A) competition. B) banking panics. C) risk. D) asymmetric information.
The government decided to reduce taxes on fast-food to increase revenue. The government assumes that fast-food products have
a. An inelastic demand b. An elastic demand c. A demand curve that is upward sloping d. Unitary elastic demand curve