An economy can improve its standard of living by
A) reducing the amount of human capital workers have.
B) increasing the amount of capital available per hour worked.
C) organizing production so that the quantity of goods produced per hour will decrease.
D) all of the above
B
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The profit maximizing condition for a firm in monopolistic competition is to produce so that
A) marginal cost equals marginal revenue. B) marginal cost equals price. C) average total cost equals price. D) price equals marginal revenue.
Interest income is
a. the largest component of national income b. interest received by individuals for providing capital to the resource market c. the most stable component of national income d. capital e. part of the expenditure approach to GDP accounting
State and local governments do not receive income directly from which source?
A. Sales taxes B. Social security taxes C. Property taxes D. Local income taxes
Historically, one of the most common reasons for countries to impose tariffs was
A) to protect their national security. B) to raise revenue for the government. C) to eliminate unemployment. D) to counter inflation.