The long-run growth in the economy depends on all of the following, except:
a. the growth in productive resources.
b. the level of technological development in the country.
c. the increase in the availability of inputs.
d. the increase in the productivity of inputs.
e. the number of economic contractions witnessed in a year.
e
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If planned construction investment increases by $30 billion and the MPC is two-thirds, total output will increase by
a. $30 billion. b. $20 billion. c. $45 billion. d. $90 billion.
Which of the following will not shift the demand for labor to the right?
A. An increase in the competitiveness of an industry B. An increase in the demand for output C. An increase in the wage rate D. An increase in the price of a competing input
Many developing countries face a balance of payments constraint because:
A. they fail to implement exchange rate policy correctly. B. they hold too few international reserves. C. they hold too many international reserves. D. the IMF forces them to adopt policies that are counterproductive.
Suppose that a business incurred implicit costs of $500,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $50 per unit, its accounting:
A. profits were $100,000 and its economic profits were zero. B. profits were zero and its economic losses were $500,000. C. losses were $500,000 and its economic losses were zero. D. profits were $500,000 and its economic profits were $1 million.