What factors contribute to the high level of productivity of the American worker?
What will be an ideal response?
Productivity is affected by the size of the capital stock, the quality of human capital, factor mobility, technological advance, and our ability to outsource and trade.
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If the value of intermediate goods and services are included in GDP, then:
a. GDP would be understated. b. GDP would act as a true indicator of economic welfare. c. there would be double-counting. d. it would lead to depreciation. e. GDP would be able to give an exact estimate of the inventory in an economy.
Every society must deal with the problem of scarcity because:
a. people do not have enough money to buy everything they need. b. government levies heavy taxes on households and firms. c. human beings become satiated as consumption increases. d. human wants are nearly unlimited relative to the availability of resources. e. productive resources, technology, and labor are unlimited.
Which of the following provide benefits to society at large and not just to the person(s) who pursues it?
a. both technological knowledge that is a public good and education b. technological knowledge that is a public good, but not education c. education, but not technological knowledge that is a public good d. neither education, nor technological knowledge that is a public good
Which of the following can be a barrier to entry, closing a market to new firms?
A) an elastic industry demand curve B) control of a vital resource by one producer C) diseconomies of scale D) ease of obtaining capital financing