Shifts in factor demand result from changes in
A. demand for outputs.
B. the price of other inputs.
C. the quantity of other factors with which it works.
D. All of the above are correct.
Answer: A
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A country has the per-worker production function yt = 6
,where yt is output per worker and kt is the capital-labor ratio. The depreciation rate is 0.1 and the population growth rate is 0.1. The saving function is St = 0.1Yt,where St is total national saving and Yt is total output.(a)What is the steady-state value of capital-labor ratio?(b)What is the steady-state value of output per worker?(c)What is the steady-state value of consumption per worker?
What will be an ideal response?
A fall in supply is illustrated by
a. a downward shift in the supply curve. b. moving the equilibrium point down and to the left along the supply curve. c. drawing the supply curve flatter. d. shifting the supply curve to the left.
If children go to school and become productive members of society
A) a negative externality is created by the schools. B) a positive externality is created by the schools. C) no externality is created by the schools. D) an externality is created that may be positive or negative.
How do people in a market economy obtain income that is used to buy goods and services?
a. Supplying labor and other resources to firms b. Trading goods and services in a barter system c. Selling goods and services to each other d. None of the above e. b and c