If a society acquires more human capital, per capita production will fall unless it gets more physical capital too.
Answer the following statement true (T) or false (F)
False
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Cross elasticity measures the consumer's change in demand brought about by a change in income
Indicate whether the statement is true or false
President Reagan believed that the tax cuts of 1981 would stimulate the economy because the
a. marginal tax rates were too high, causing production costs to be too high, curbing production b. marginal tax rates were too high, causing production to be curbed by lack of demand c. marginal tax rates were too high, creating a disincentive effect on production d. marginal tax rates were too low, causing government revenues to fall, creating deficit spending and crowding out e. marginal tax rates were too low, causing government revenues to rise, creating surpluses that curbed overall production
The cost of producing a hardback book is only about 20 percent higher than producing a paperback book, yet the hardback price is typically three times the paperback price. This suggests that demand for paperback books is ________ than demand for hardback books.
A. more elastic B. less elastic C. more variable D. lower
Which of the following statements is false?
a. If total utility rises, so must marginal utility. b. If marginal utility falls, so must total utility. c. If marginal utility rises, so must total utility. d. If total utility falls, marginal utility is negative.