In Figure 1.5, at which of the following points would the opportunity cost of producing more doughnuts be greatest?
A. A.
B. C.
C. E.
D. F.
Answer: B
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Which of the following has made the largest contribution to the growth of labour productivity in Canada?
A) improved resource allocation B) education and training of labour C)Economies of scale D)technological advance
Explain why even small changes in the rate of economic growth are significant. Use the “rule of 70” to demonstrate the point.
What will be an ideal response?
Which of the following is most likely to lead to sustained long-run growth?
A. transfer of workers from agricultural to industrial sectors B. increase in labor productivity C. increases in the labor participation rate D. exploitation of natural resources
Exhibit 6-2 Refer to Exhibit 6-2. How many persons are not participating in the labor force in year 2?
a. 200 million b. 50 million c. 75 million d. 175 million e. 100 million