Answer the following statement(s) true (T) or false (F)
1. Economic growth shifts the production possibilities curve inward.
2. In the early days of U.S. history, before many agricultural innovations were developed, ninety percent of Americans worked on farms.
3. A technological change in one area can influence growth in another.
4. The production possibilities curve pinpoints the best quantity of each item to produce in a given economy.
1. False
2. True
3. True
4. False
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Using the information in the table above, calculate the employment-to-population ratio
A) 75 percent B) 65 percent C) 50 percent D) 23.2 percent
Which of the following strategies are adopted by a business tycoon when the first new management of the purchased company fails?
a. He tries a second management team. b. He tries to train and motivate the existing management team. c. He sells off part of the company in the market. d. He tries to reduce the cost of production by lowering output.
The marginal physical product of capital is the
a. addition to total physical product generated by an additional unit of capital b. average contribution of capital to total output c. use of capital in production d. contribution of equipment capital to loanable funds e. profit made by an entrepreneur since the entrepreneur is the capitalist
One method for a deficit country to correct the situation under a fixed exchange rate system is to
a. increase aggregate demand with stimulative monetary policy. b. increase aggregate supply with tax cuts. c. decrease aggregate demand with restrictive fiscal and monetary policy. d. decrease aggregate supply with restrictive fiscal policy.