If the output gap is greater than zero, real GDP is ________ potential GDP, and the economy will ________ to reach full employment

Which of the following is true?

i. The easier it is to find substitutes for a good, the more price elastic the demand for the good is. ii. The demand for a good is more price elastic the smaller the proportion of income spent on it. iii. If demand is price elastic, lowering the price leads to a decrease in total revenue. A) only i B) only ii C) only iii D) i and ii E) i and iii

All of the following increase total factor productivity except

A) new inventions. B) more capital. C) new management techniques. D) favorable changes in government regulations.