Author Question: Economic growth is equal to: a. total factor productivity plus amounts of resources. b. growth in ... (Read 88 times)

kellyjaisingh · **on:** Jun 30, 2018

Economic growth is equal to:
a. total factor productivity plus amounts of resources.
b. growth in total factor productivity plus growth in amounts of resources.
c. total factor productivity minus marginal factor productivity.
d. real GDP plus national output.
e. GNP plus GDP.

Question 2

Which of the following is the most important determinant of the elasticity of supply?
a. The number of uses for the product.
b. The number of close substitutes to the product available to consumers.
c. The amount of time producers have to adjust their behavior in response to a price change.
d. The percentage of their incomes consumers spend on the product.