Over half of the increase in labor productivity in India since 1993 has been due to
A) the growth rate of the capital stock.
B) total factor productivity growth.
C) a decrease in the population.
D) successful infrastructure investment.
B
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If other factors are held constant, what happens when the federal government finances a growing budget deficit by increasing the amount it borrows from the private sector?
A) There will be an increase in the interest rate. B) There will be a decrease in the interest rate. C) The crowding out effect will be cancelled out. D) There will be an increase in net exports.
Jacob buys less soda when the price of soda rises 10 percent, while the prices of all other goods also rise 10 percent. Jacob is
A. suffering from money illusion. B. worrying too much about a coming recession. C. paying too much attention to changes in relative prices. D. behaving in accordance with classical economic theory.