Which of the following stands true for factors that affect changes in productivity across countries and over time?
a. It is more difficult to measure changes in the quality of goods than changes in the quality of services.
b. As energy prices go up, energy-efficient capital goods become obsolete.
c. It is believed that productivity grows more slowly in manufacturing industries than in services, because of the less labor-intensive nature of manufacturing industries.
d. The key to efficient production is the allocation of resources to their best use.
e. The greater the productivity, the more efficient the allocation of resources, and the less developed a country's financial market would be.
d
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
A less developed economy has greater income inequality the
a. less the economy is dependent upon agriculture b. smaller the middle class c. more the economy is dependent upon manufacturing d. less diverse the level of manufacturing activity e. greater the level of education in the country
Refer to Table 7.1. What is the marginal product of the 6th worker?
A. 1 unit of output
B. 6 units of output
C. 22 units of output
D. 23 units of output
The law of diminishing returns results in:
A. an eventually rising marginal product curve. B. a total product curve that eventually increases at a decreasing rate. C. an eventually falling marginal cost curve. D. a total product curve that rises indefinitely.