More education and better technology contribute to an increase in productivity, ceteris paribus.
Answer the following statement true (T) or false (F)
True
Advances in technological or managerial knowledge and human or physical capital increase our productive capability and therefore cause the production function to shift upward.
You might also like to view...
Your employer has asked you to start working overtime and has offered to pay $18 per hour for every hour you work beyond forty hours a week. The wage rate for each of the first forty hours will continue to be the usual $15 per hour
In terms of dollars, what is the marginal benefit of working each hour of overtime? A) zero B) $3.00 C) $15.00 D) $18.00
The IS curve depicts the relationship between
A) aggregate output and the real interest rate. B) investment demand and the real interest rate. C) investment demand and the level of current output. D) national saving and the level of current output.
If income doubles and the quantity demanded of good X more than doubles, then good X can be described as a
a. substitute good. b. complement good. c. necessity. d. luxury.
Kelly is willing to pay $5.20 for a gallon of gasoline. The price of gasoline at her local gas station is $3.80 . If she purchases ten gallons of gasoline, then Kelly's consumer surplus is
a. $1.40. b. $14. c. $3.80. d. $52.