Which of the following will cause slower growth in labor productivity?
A) decreased growth in physical capital
B) decreased growth in human capital such as education and training
C) decreased growth in government-financed infrastructure such as highways and airports
D) A and C
E) all of the above
E
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When current account deficits are used to finance investment spending, such deficits may be self-correcting because
A) they promote more responsible government policies. B) the resulting increase in the capital stock over time shifts the output supply curve to the right. C) the resulting increase in the capital stock over time shifts the output demand curve to the right. D) the resulting increase in national indebtedness increases labor demand.
In some markets, demand can be approximated by Q = 50 ? 5P + 10Y where Q is quantity, P price per unit, and Y = buyers' income. Supply can be approximated by Q = ?5 + 10P
a. If Y = 20, what is equilibrium price and output? b. If Y rises to 25, what is the new equilibrium price and output?
A company has designed an alarm clock that "runs and hides" after going off, forcing the person to get up and find the alarm clock if he or she wants to shut off the alarm. According to behavioral economists:
A. it is unlikely to alter people's tendency to shut off the alarm and ultimately oversleep. B. the alarm clock keeps people from hitting the snooze button and taking advantage of the availability heuristic. C. the alarm clock serves as a precommitment device, helping the user to stick to the originally planned wake-up time. D. overconfidence effects will discourage use of such devices.
An effective price ceiling occurs when
A) the government sets a maximum price for a good above the equilibrium price. B) the government sets a minimum price for a good above the equilibrium price. C) the government sets a minimum price for a good below the equilibrium price. D) the government sets a maximum price for a good below the equilibrium price.