Improvements in the level of technology will generally shift the production function downward.
Answer the following statement true (T) or false (F)
False
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If government purchases exceed tax revenue, there is a budget deficit
a. True b. False Indicate whether the statement is true or false
Constant returns to scale means that long-run:
A. ATC does not change as output increases. B. ATC rises and then falls as output increases. C. ATC decreases as output decreases. D. ATC increases as output increases.
"Given the long run implication of Solow's growth model with respect to the rate of savings, the low savings rate in the United States is not a problem." This statement overlooks that over time it appears that
A) total factor productivity and the growth rate of capital per person are positively related. B) total factor productivity and the growth rate of capital per person are inversely related. C) total factor productivity and the difference between the growth rates of capital per capita and population are not related a and k - n are not related. D) savings rates and per capita growth rates are inversely related.
The evidence on how minimum wage laws affect the real world:
A. shows clearly that such price floors cause unemployment. B. is mixed. C. shows clearly that there is simply a transfer of surplus from employer to worker. D. None of these statements is true.