An increase in the level of technology shifts...
What will be an ideal response?
both the short-run and long-run aggregate supply curves rightward
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A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. The marginal revenue product of the second worker is
A. $24. B. $8. C. $9. D. $15.
The government uses the buying power of wages rather than face value or nominal value in reporting changes in "real wages" in the economy
Indicate whether the statement is true or false
When production reflects consumer preferences, ________ occurs
A) productive efficiency B) allocative efficiency C) equity D) efficient central planning
According to the Solow model of economic growth, if per capita savings, s (Y/N)0, exceeds required steady state investment, (n + d) K/N, then
A) per capita output declines. B) capital per capita increases. C) capital per capita decreases. D) steady state growth characterizes the economy.