According to new growth theory, the accumulation of ________ capital is subject to diminishing returns at the ________ level, but not at the level of the economy as a whole
A) technological; personal B) knowledge; firm
C) physical; production D) physical; firm
D
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According to the text, all of the following are EU member states EXCEPT:
a. Poland b. Ukraine c. France d. Germany e. Greece
Potential GDP is defined as
A) the amount of GDP produced if there is no structural unemployment. B) the level of GDP attained when all firms are producing at capacity. C) the maximum of GDP that the economy can produce. D) the amount of GDP produced if there is no frictional unemployment.
In the market for land as a resource, the demand curve is elastic while the supply curve is perfectly inelastic. Identify the underlying assumption
a. There are limited ways in which land can be used as a resource. b. Land as an input has large number of substitutes. c. There is a fixed supply of land. d. Land includes all immovable assets. e. The productivity of land improves over time.
Which of the following statements is true about monopsony? a. Monopsonists face an upward-sloping supply curve of labor as long as unions control the supply curve of labor
b. Monopsonists can choose to hire any number of workers they wish. c. Monopsonists are also monopolists. d. Monopsonists will keep hiring until the worker's MRP = TLC. e. Monopsonists face a horizontal supply curve of labor as long as unions do not control the supply of labor.