The main cause of low per capita income is ________
A) a low level of capital
B) a small workforce
C) low productivity of capital and labor
D) slow growth of capital and labor shares of income
E) none of the above
C
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Who was the author of the following prediction: in the absence of a system for enforcing order in society, life will be "solitary, poor, nasty, brutish, and short"?
A) Thomas Hobbes B) John Maynard Keynes C) Thomas Kuhn D) Jean-Jacques Rousseau E) Adam Smith
If capital per hour of labor decreases, real GDP per hour of labor
A) decreases because the level of technology decreases. B) increases because the level of technology increases. C) increases for a given level of technology. D) decreases for a given level of technology.
If the transaction between you and the seller takes place at a price that equals your valuation of the product, then:
a. you realize all the gains from this transaction. b. the gains from this transaction are equally divided between the two of you. c. the entire economic value created by the transaction goes to the seller. d. the economic value created by this transaction is sub-optimal.
Which of the following statements is correct?
a. When duopoly firms reach a Nash equilibrium, their combined level of output is the monopoly level of output. b. When oligopoly firms collude, they are behaving as a cartel. c. In an oligopoly, self-interest drives the market to the competitive outcome. d. An oligopoly is an example of monopolistic competition.