Over the long-run, fluctuations in the growth rate in output are primarily driven by fluctuations in
a. investment in capital.
b. educational attainment.
c. fluctuations in the labor force.
d. fluctuations in labor productivity.
C
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In economics, capital is defined as
a. natural resources, such as water, oil, and iron ore b. the natural, unskilled abilities of people c. human creations used in the production process d. money and other financial assets e. the willingness of business owners to take risks
Would companies and individuals invest as much in significant research and development if a system of patents were not available? a. Yes they would, because they could still hope to monopolize the market
b. Yes they would, because firms are civic-minded and highly motivated to introduce innovations that improve the standard of living. c. No they would not, because if they made a significant investment in the development, they would be unable to protect the innovations or discoveries long enough to be sufficiently compensated for their efforts. d. No they would not, because the benefits to society of engaging in research and development would be less than the costs to society.
Suppose you bought a Volkswagen Beetle for 12,000 euros, and $1 would buy 0.90 euros. You would find the cost of the car in dollars and cents by
A. dividing 12,000 by 1.11. B. dividing 1.11 by 12,000. C. dividing 12,000 by 0.90. D. dividing 0.90 by 12,000.
The key factors of production are:
A) human capital, physical capital, and information. B) human capital, physical capital, and technology. C) human capital, technology, and information. D) physical capital, technology, and information.