Which of the following explains why production rises in most years?
a. increases in the labor force
b. increases in the capital stock
c. advances in technological knowledge
d. All of the above are correct.
d
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According to the figure above, if there is no income tax, the equilibrium real wage rate is ________ and the equilibrium hours of labor are ________
A) $20; 200 billion B) $30; 250 billion C) $30; 200 billion D) $35; 200 billion E) The equilibrium is not shown.
Assume the inflation rate falls from 4 percent to 2 percent. This means that
A) the price level has fallen. B) the price level is increasing more slowly. C) the economy is experiencing deflation. D) real GDP is decreasing.
Suppose the current level of output is 5000. A 10% increase in productivity would increase the current level of output to
A) 5050. B) 5100. C) 5500. D) 6000.
Limits to self-interested payoff maximization that have been studied by behavioral economists include
a. limited cognitive ability. b. limited willpower. c. limits to self interest. d. all of the above.