The income per worker of a country increases if ________
A) the number of children in the country aged below 15 increases
B) the country's GDP increases, all other variables remaining constant
C) the number of retired people in the country increases
D) the country's GDP falls, all other variables remaining constant
B
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Increases in the marginal product of labor can be attributed to:
A) specialization of workers. B) depreciation of capital. C) diminishing returns to workers. D) congestion and thus better use of work space.
Asymmetric information discourages the movement of funds from savers to borrowers, because ________
A) big risks have high payoffs B) the safe choice is always preferable to the risky choice C) taking risks is inefficient D) the loss arising from a failed project must be borne by the borrower, rather than the lender
The more elastic is the demand for the good, the
a. more elastic will be the demand for the resources used to produce the good b. less elastic will be the demand for the resources used to produce the good c. less effect any given wage rate increase will have on employment d. higher the wage rate increase the union can achieve without causing unemployment e. more elastic will be the supply of resources used to produce this product
In the short run the firm has no more than one fixed input
a. True b. False Indicate whether the statement is true or false