If the stock of physical capital (that is machinery, equipment, etc.) and human capital remains the same and the population increases, then
A) labor productivity will increase.
B) labor productivity will decrease.
C) real GDP decreases.
D) the new labor will be more productive.
E) the standard of living will increase.
B
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Which of the following is NOT an alleged "unrealistic" assumption that proponents of behavioral economics suggest are commonly utilized in traditional economic models based on the rationality assumption?
A) unbounded selfishness B) unbounded rationality C) unbounded will power D) unbounded resources
Which of the following statements accurately describes the U.S. balance of trade on goods and services?
a. The United States experienced a trade deficit during most years between 1965 and 2017.
b. The United States experienced a trade surplus during most years between 1965 and 2017.
c. The U.S. balance of trade on goods and services was a positive value each year during the 1980s.
d. The U.S. balance of trade on goods and services was a positive value each year during the 1990s.
Which of the following is an accurate statement about external economies of scale?
a. They involve a rise of market prices. b. They involve a reduction of input costs. c. They involve a shift of the MC curve upward. d. They involve a shift of the ATC curves to the right.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.