Suppose that an economy grows by 6 percent, total factor productivity grows by 4 percent, and the capital stock increases by 2 percent. If labor and capital are the only inputs used in production, and capital contributes 25 percent to GDP, then the labor force has risen by _____.
a. 1.5
b. 2
c. 4
d. 6
e. 8
Question 2
If two goods both had positive cross elasticities and positive income elasticities,
a. they are both normal and substitutes for one another.
b. they are both normal and complements for one another.
c. they are both inferior and substitutes for one another.
d. they are both inferior and complements for one another.
Table 6.1 illustrates the main regime types and their differences. It breaks the regimes into four
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