Marginal revenue product is the additional revenue obtained by selling the output of __________________.
Fill in the blank(s) with the appropriate word(s).
1 more unit of input
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How does the concept of catch-up growth explain the diminishing income gap between the developing economies and developed economies?
What will be an ideal response?
Assuming all else equal, if the production technology available to a nation improves, its aggregate production function:
A) shifts inward. B) becomes vertical. C) shifts upward. D) becomes horizontal.
Which of the following statements is true?
A) After Czechoslovakia split into Czech Republic and Slovakia, the nations adopted a command economy which decelerated their economic growth. B) After Czechoslovakia split into Czech Republic and Slovakia, the nations adopted a market economy which accelerated their economic growth. C) After Czechoslovakia split into Czech Republic and Slovakia, the nations adopted a command economy which accelerated their economic growth. D) After Czechoslovakia split into Czech Republic and Slovakia, the nations adopted a market economy which decelerated their economic growth.
In the real world, the K/Y ratio
A) is much higher in rich countries than in poor countries. B) is much lower in rich countries than in poor countries. C) is roughly equal across rich and poor countries. D) cannot be properly compared except between countries of similar income levels.