The capital-labor ratio will tend to decrease over time when
A) investment per worker equals saving per worker.
B) investment per worker is less than saving per worker.
C) investment per worker exceeds depreciation per worker.
D) saving per worker equals depreciation per worker.
E) output per worker exceeds capital per worker.
B
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List three things that can cause an increase in demand. Be specific
What will be an ideal response?
A local electricity-generating company has a monopoly that is protected by an entry barrier that takes the form of
A) a perfectly inelastic demand curve. B) economies of scale. C) control of a key raw material. D) network externalities.
Marginal land is on the borderline of being used in production.
Answer the following statement true (T) or false (F)
Market failure occurs when
A. the price system fails to generate an efficient allocation of resources. B. the price system allows consumers to make their own decisions. C. the price system fails to generate an equal distribution of wealth. D. the price system fails to generate an equal distribution of income.