Higher rates of real economic growth can allow a less-developed, low per capita income country to attain the same standard of living as a more developed, high per capita income country in a few years
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is a key determinant of the price elasticity of supply?
A) the available technology B) the availability of substitutes in production C) the time it takes to change output in response to a change in price D) the slope of the supply curve
An efficiency wage
A) is lower than the market wage and tends to decrease productivity. B) is higher than the market wage and tends to decrease productivity. C) is lower than the market wage and tends to increase productivity. D) is higher than the market wage and tends to increase productivity.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.
Which of the following is NOT considered to be a factor in the determination of a person's marginal productivity?
A. the elasticity of supply of labor B. investment in human capital such as education C. innate abilities such as high intelligence D. on-the-job training