If economies A and B were identical other than the fact that economy A had twice the amount of capital
as economy B, Economy A would have _____________ marginal product of capital (MPK) than Economy
With all economies included (both OECD and non-OECD), it has been observed that economies with lower
GDP per capita tend to grow
Large amounts of home production cause us to underestimate
All of the above
None of the above
In his pessimistic assessment of the prospects for productivity growth in the U.S., Robert Gordon uses the
years 1970-1994 and 2004-2014 his baseline growth rate projection going forward and excludes the years
If goods produced last year are sold this year, that causes this year’s GDP to:
Tariffs on imports are taxes that are paid by
consumers and firms
to the government
of the __________________
economy of the importing consumer or firm.
Social Security and Medicare are examples of what are categorized as ___________________ by the U.S.