Output per person is 170 in an economy in which 15 percent of the population are engaged in research and development, where their productivity is 0.002, and the total population size is 100 million
If this economy is on a balanced growth path, then output per person in the next period will be ________. A) 175.1
B) 195.5
C) 176.2
D) 177.3
D
Economics
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In perfect competition, price is equal to marginal revenue, while in monopoly, price is greater than marginal revenue.
Answer the following statement true (T) or false (F)
Economics
The labor supply will generally increase when the income tax rate ________ (if the substitution effect dominates) or transfer payments ________.
A. increases; increase B. increases; decrease C. decreases; increase D. decreases; decrease
Economics