Refer to the information provided in Table 31.1 below to answer the question(s) that follow.Table 31.1PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 60 50 2203 70 50 2354 80 50 245Refer to Table 31.1. When moving from Period 1 to Period 4, labor productivity
A. decreases.
B. increases.
C. does not change.
D. first increases, then decreases.
Answer: A
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A decrease in consumer confidence would shift the:
A) aggregate demand curve rightward. B) aggregate demand curve leftward. C) aggregate supply curve rightward. D) aggregate supply curve leftward.
When all prices are set equal to marginal costs,
a. consumers buy more than they should. b. consumers will get less utility. c. markets are giving correct signals to consumers. d. producers make excessive profits.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
The best weather in a decade has given Australia a bumper wheat crop. Australia is a small open economy. Based on this information alone, you would expect that
A) desired investment would decrease. B) desired investment would increase. C) the current account would increase. D) the current account would decrease.