Which of the following is not among the factors that lead to economic growth?
a. Increases in employment
b. Increases in the capital stock
c. Improvements in technology
d. Government transfer programs
e. Political stability and an efficient legal system
D
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Holding other factors constant, an increase in the capital stock ________ the real wage and ________ employment.
A. increases; increases B. decreases; increases C. increases; does not change D. increases; decreases
Which of the following statements about international trade is true?
A) Potentially, a country can have absolute advantage in all goods. B) Potentially, a country can have relative advantage in all goods. C) After trade, countries tend to specialize in the production of those goods in which they enjoy absolute advantage. D) None of the above is true.
The demand for labor is a derived demand. Employers hire workers until the: a. wage rate equals the average product of labor
b. wage rate equals the marginal revenue product of labor. c. average product of labor is zero. d. marginal product of labor is zero.
The difference between zero accounting profit and zero economic profit is that
a. economists include opportunity cost in zero economic profit, while accountants do not include opportunity cost in zero accounting profit. b. economists do not include opportunity cost in zero economic profit, while accountants do include opportunity cost in zero accounting profit. c. economists include opportunity cost in zero accounting profit, while accountants do not include opportunity cost in zero economic profit. d. economists do not include opportunity cost in zero accounting profit, while accountants do include opportunity cost in zero economic profit.