Sustained long-term economic growth comes from decreases in worker productivity, which essentially means how well we do things.
Select whether the statement is true or false.
A. True
B. False
B. False
This statement is false. Sustained long-term economic growth comes from increases in worker productivity, which essentially means how well we do things.
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Alpha has $40,000 of capital per worker, while Beta has $5,000 of capital per worker. In all other respects, the two countries are the same. According to the principle of diminishing returns to capital, an additional unit of capital will increase output ________ in Alpha compared to Beta, holding other factors constant.
A. less B. more C. by the same amount D. not at all
The principle of diminishing returns to capital states that if the amount of labor and other inputs employed is held constant, then the greater the amount of capital in use the:
A. the less an additional unit of capital adds to production. B. less is produced. C. less production is wasted. D. the more an additional unit of capital adds to production.
A decrease in the money wage rate
A) increases the long-run aggregate supply. B) decreases the long-run aggregate supply. C) increases the short-run aggregate supply. D) decreases the short-run aggregate supply.
The full opportunity costs of production are calculated as the sum of both explicit and implicit costs
Indicate whether the statement is true or false