What is a necessary condition for sustainable economic growth?
A) Low cost systems of transportation and communication
B) Careful economic planning
C) Very high interest rates that encourage household saving
D) Government monitoring and manipulation of aggregate investment
E) All of the above.
A
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Total physical product is the quantity of a firm’s output based upon a given input usage.
Answer the following statement true (T) or false (F)
If there is an increase in the demand for U.S. automobiles, the
A) demand for dollars will fall. B) demand for dollars will rise. C) supply of dollars will fall. D) supply of dollars will rise.
If the price of a good falls, the marginal utility per dollar received from consuming a specific unit of that good
a. also falls b. stays the same c. rises d. will rise or fall, depending on the consumer e. remains unchanged, provided the consumer buys no more of the good
Which of the following would cause the production function to shift upward?
a. A decrease in the capital stock b. A decrease in human capital c. An increase in population d. An increase in human capital e. Diminishing returns to labor