If a nation has a higher level of technology than another nation it can produce:
A. more outputs with the same level of physical capital.
B. less with the same amount of physical capital.
C. more with no use of human capital.
D. the same output with the same level of inputs.
A. more outputs with the same level of physical capital.
You might also like to view...
Suppose the economy has a high level of unemployment. This would imply
A) that the economy is operating on the SRAS curve and that government spending could be decreased to reduce unemployment. B) that the government should engage in expansionary fiscal policy and increase the tax rate. C) that fiscal policy has been ineffective and should be abandoned. D) that the economy is operating to the left of the LRAS curve and that government spending could be increased to reduce unemployment.
The demand for loanable funds curve shifts rightward when
A) expected profit decreases. B) the real interest rate rises. C) the real interest rate falls. D) expected profit increases. E) wealth rises.
Alice, Bud, and Celia can produce rubber bands in a perfectly competitive market. If they enter the market, the minimum average total cost for a bundle of rubber bands, for the three of them is $2, $3, and $4, respectively
If the market price is $2.10 per bundle, then A) all three of them will enter the market. B) only Alice will enter the market. C) Alice and Bud will enter the market. D) Bud and Celia will enter the market. E) Alice and Celia will enter the market.
Which one of the following statements about growth theories is CORRECT?
A) In the new growth theory, knowledge is not subject to diminishing returns. B) In neoclassical growth theory, technological progress is the result of rapid increases in saving and investment in capital per person. C) In classical growth theory, real GDP per person is unrelated to the subsistence real GDP. D) In classical growth theory physical resources are unlimited.