If the stock of physical capital (that is machinery, equipment, etc.) and human capital remain the same and the population increases, then
A) labor productivity will increase.
B) labor productivity will decrease.
C) the standard of living will increase.
D) the new labor will be more productive.
E) real GDP decreases.
B
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Lisa is spending all of her income on compact discs and downloadable games for her smart phone. She finds that the marginal utility from the last compact disc she buys is 30 and the marginal utility from the last downloadable game is 10
The price of a compact disc is $15 and the price of a downloadable game is $5. Lisa should A) increase her consumption of compact discs. B) increase her consumption of downloadable games. C) not change her consumption of downloadable games and compact discs. D) decrease the price of downloadable games.
Anything that affects the marginal revenue product of a nonrenewable resource will affect the demand for that resource
a. True b. False Indicate whether the statement is true or false
Are money and income the same thing?
a. No, money is measured at a point in time and income is measured for a period of time. b. No, money is measured for a period of time and income is measured at a point in time. c. Yes, they are just measured in different ways. d. Yes, the only difference is real versus nominal.
Which one of the following statements is true?
a. A static reserve index will indicate a longer resource lifetime than an exponential reserve index b. An exponential reserve index indicates a longer resource lifetime than a static reserve index c. Eventually all sub-economic reserves of non-renewable resources will be depleted d. Eventually all physical reserves of non-renewable resources will be depleted e. Sub-economic resources or reserves can never become economic resources or reserves f. All of the above. g. None of the above.