According to Simon Kuznets, which of the following is likely to induce economic growth in the automobile industry of a country?
a. An increase in the amount of labor used in the industry
b. A government subsidy for automobile production
c. An increase in the import of spare parts for the engines
d. An increase in the number of paint bays per factory
e. The replacement of manual assembly lines with robots
e
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Refer to the scenario above. What will be the capital stock in the economy in the current year, if the capital stock in the last year was worth $600?
A) $1200 B) $1040 C) $900 D) $1000
Suppose that for a given good demand increases and supply decreases at the same time. If demand increases by a lesser amount than supply decreases, then equilibrium price __________ and equilibrium quantity __________ for that good
A) rises; falls B) falls; falls C) rises; rises D) falls; rises
When the free rider problem is present in a market:
A. the good is rival in consumption. B. the good will likely be overconsumed. C. what people pay often does not reflect the real value they put on a good. D. the good is easily excludable.
If there are only two goods in the economy, one whose price rises by 3 percent and one by 5 percent, it is possible that inflation is:
A. 4 percent. B. 5 percent. C. 3 percent. D. 7 percent.