Technological improvement
A) can hide the presence of diminishing returns.
B) can be shown as a shift in the total product curve.
C) allows more output to be produced with the same combination of inputs.
D) All of the above are true.
D
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The variables that determine a household's budget line are
A) its preferences and income. B) its preferences and prices. C) prices and income. D) None of the above are correct.
Full employment is the situation in which the economy operates at an unemployment rate equal to the sum of
a. structural and frictional unemployment. b. cyclical and frictional unemployment. c. structural and cyclical unemployment. d. structural, frictional, and cyclical unemployment.
Economists sometimes refer to the resource category land as natural resources
Indicate whether the statement is true or false
Countries that have higher saving rates are likely to have
A. A lower investment rate as a percentage of GDP and a lower growth rate of real GDP. B. A higher investment rate as a percentage of GDP and a lower growth rate of real GDP. C. A lower investment rate as a percentage of GDP and a higher growth rate of real GDP. D. A higher investment rate as a percentage of GDP and a higher growth rate of real GDP.