Which of the following will likely cause a reduction in output per worker?
A) a reduction in education expenditures
B) a reduction in the saving rate
C) a reduction in on-the-job training
D) all of the above
D
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A change in the capital stock ________ the short-run aggregate supply curve and ________ the long-run aggregate supply curve
A) shifts; shifts B) shifts; does not shift C) does not shift; shifts D) does not shift; does not shift
Suppose new research shows that soy milk and other products derived from soybeans provide more health benefits than previously thought. At the same time, drought conditions result in extensive damage to the soybean crop
What will be the combined impact of these two factors on the equilibrium price and quantity of soybeans? A) Price will decrease, but the effect on quantity is indeterminate. B) Price will increase, but the effect on quantity is indeterminate. C) Quantity will decrease, but the effect on price is indeterminate. D) Quantity will increase, but the effect on price is indeterminate.
Which of the following statements is not true in a perfectly competitive industry in long-run equilibrium?
a. A profit-maximizing firm may produce any output level at which P < LRAC. b. Every firm produces at an output level at which MC = LRAC. c. There is no entry or exit from the industry. d. No firm earns an economic profit.
How can absolute poverty be eliminated? How can relative poverty be eliminated? Does the elimination of one lead to the elimination of the other? Explain
What will be an ideal response?