U.S. labor productivity slowed during the 1970s because of
i. increasing government taxes and regulations on production.
ii. the necessity to cope with energy price increases.
iii. inflation, which shortened the horizon over which businesses made their borrowing plans.
A) i only B) ii only C) iii only D) Both i and ii E) i, ii, and iii
E
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The AK growth model indicates that countries with high saving rates experience ________, and countries with low saving rates experience ________
A) high growth rates; low growth rates B) low growth rates; high growth rates C) positive growth rates; no growth D) negative growth rates; positive growth rates
A justification for patents is that without patents consumer surplus would be
A) larger than with the patent. B) zero since the product would not be invented. C) only slightly smaller than with the patent. D) zero since the monopoly would be a revenue maximizer.