Embodied technical change is one reason why
A. the quality of capital had decreased.
B. increases in population decrease labor productivity.
C. labor productivity has increased over time.
D. human capital is more valued in an economy than physical capital.
Answer: C
You might also like to view...
Suppose that the marginal propensity to save (MPS) equals 0.8. The value of the multiplier would be
A) 0.2. B) 0.8. C) 1.25. D) 5.0.
Since 1994, trade rules have been enforced by
A) the WTO. B) the G10. C) the GATT. D) The U.S. Congress. E) the European Union.
GDP does not directly measure those things that make life worthwhile, but it does measure our ability to obtain many of the inputs into a worthwhile life
a. True b. False Indicate whether the statement is true or false
In 2011, the imaginary nation of Maconia had a population of 8,200 and real GDP of 210,500 . Maconia had 5% growth in real GDP per person. In 2012 it had a population of 8,400 . To the nearest dollar what was real GDP in Maconia in 2012?
a. 216,815 b. 221,025 c. 226,416 d. None of the above is correct.