Increases in capital per hour worked cannot sustain high rates of economic growth unless accompanied by technological change
Indicate whether the statement is true or false
TRUE
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A point on the production possibilities frontier reflects an
A) attainable point with full employment of all resources. B) attainable point without full employment of all resources. C) unattainable point with full employment of all resources. D) unattainable point without full employment of all resources. E) None of the above answers is correct.
If the inflation rate in 2013 was 2.5 percent, and because of that people expect the inflation rate in 2014 will also be 2.5%, these people are said to have
A) rational expectations. B) expectations of stagflation. C) adaptive expectations. D) expectations of supply shocks.
At a price of $1.20, a local coffee shop is willing to supply 100 cinnamon rolls per day. At a price of $1.40, the coffee shop would be willing to supply 150 cinnamon rolls per day. Using the midpoint method, the price elasticity of supply is about
a. 0.15 b. 0.375 c. 2.5 d. 2.60
As output rises,
A. both marginal revenue product and marginal physical product rise. B. both marginal revenue product and marginal physical product fall. C. marginal revenue product rises and marginal physical product falls. D. marginal revenue product rises and marginal physical product rises.