Which of the following affects the rate of economic growth?
a. the quality of available resources.
b. the quantity of available resources.
c. technological change
d. all of the above.
d
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Technological efficiency occurs when the firm produces a given output
A) by using the least amount of inputs. B) by using the maximum amount of inputs. C) at the least cost. D) at the greatest cost.
For a monopsonist, the labor supply curve is upward sloping because
A) the monopsonist must compete with other industries for that labor. B) the monopsonist requires that the laborers are highly skilled. C) the monopsonist is the only buyer in that labor market. D) the monopsonist restricts the supply of labor.
What is the relationship between price and marginal revenue for a competitive firm?
In order to prosper, entrepreneurs in a market economy must
A) have at least one million dollars of personal wealth for the financing of new projects. B) undertake projects that create wealth and increase the value of resources. C) undertake projects that require resources that are more valuable than the products produced. D) find ways to slow technological change.