The per-person production function in Chapter 10 assumes that a one percent rise in (K/N) causes a ________ rise in (Y/N), and so it is diagrammed as a ________ line
A) less-than-one-percent, downward-curling
B) less-than-one-percent, upward-curling
C) one percent, upward-curling
D) one percent, downward-curling
E) more-than-one-percent, straight
A
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Holding everything else constant, a decrease in the price of bicycles will result in
A) an increase in the demand for bicycles. B) a decrease in the supply of bicycles. C) a decrease in the quantity of bicycles demanded. D) an increase in the quantity of bicycles demanded.
An increase in population shifts the production possibilities frontier inwards over time
Indicate whether the statement is true or false
The higher the inflation differential between countries, the less likely it is that relative PPP will hold
Indicate whether the statement is true or false
A good economic theory
a. has realistic assumptions b. contains as much detail as possible c. cannot be proven false d. predicts well e. can only be presented in mathematical terms