A. total exploitation
B. labour/capital productivity
C. total factor productivity
D. total productivity
A. endogenous
B. exogenous
C. beta
D. convergence
A. Steady state growth path
B. Steady state invention rate
C. Steady state level of output
Unsteady state growth path
A. economic growth is Zero
B. All investment is used in the manufacturing sector
C. Economic growth is growing
D. All investment is used to maintain the existing capital stock at its current level
A. increase government spending
B. reduce taxation
C. save more
D. increase personal consumption
A. All countries will eventually join the EEC
B. Poorer countries have higher capital/labour ratios than richer countries.
C. The gap between countries GDP per head will widen
D. Poorer less developed countries will catch up with richer ones.
A. imperfect labor markets
B. rational expectations
C. intertertemporal decisions of households, firms and government
D. sun spot cycles
A. private sector imports and exports
B. economic policy
C. the duration of compulsory education
D. labor supply changes
A. potential output
B. actual output
C. real output
D. international trade
A. aggregate supply is
B. aggregate demand is
C. potential output is
D. real variables are