Which of the following items plays a role in determining productivity?
a. physical capital
b. natural resources
c. technological knowledge
d. All of the above are correct.
d
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In long-run equilibrium, a perfectly competitive firm produces the output level that minimizes average total cost
a. True b. False Indicate whether the statement is true or false
If a fixed money growth rate of 4 percent per year is followed and the growth rate of the natural level of real GDP is 4 percent per year, the average rate of inflation is: a. 8 percent
b. 4 percent. c. zero. d. 1-2 percent.
In a market system, resources are allocated by
a. the orders of authority b. traditional practices c. prices d. absolute advantage e. production possibilities frontiers
Which of the following statements concerning the First Bank of the United States is not true?
a. Its creation was proposed by Alexander Hamilton. b. States' rights advocates opposed its creation. c. It could present state bank notes to the state banks for payment in specie. d. It was the first central bank in the world. e. It was able to control the money supply.