Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. When moving from Period 1 to Period 4, output per capital
A. increases.
B. decreases.
C. does not change.
D. first increases, then decreases.
Answer: B
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In the aggregate expenditures model of the economy, a downward shift in aggregate expenditures can be caused by a decrease in
A. taxes or an increase in government spending. B. government spending or an increase in taxes. C. saving or an increase in government spending. D. interest rates or a decrease in taxes.
In what year was the Bretton Woods system of currency exchange set up?
A) 1912 B) 1924 C) 1944 D) 1969
Refer to Table 2-11. If the two countries specialize and trade, who should export wheat?
A) South Korea B) There is no basis for trade between the two countries. C) China D) They should both be exporting wheat.
If you are willing to purchase a house for $300,000 and you purchase the house for $275,000 . this transaction will generate:
a. There is no surplus created b. $25,000 worth of seller surplus and unknown amount of buyer surplus c. $10,000 worth of buyer surplus and $15,000 of seller surplus d. $25,000 worth of buyer surplus and unknown amount of seller surplus