Production possibilities curves can shift outward but they do not shift inward
Indicate whether the statement is true or false
False
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In the textbook model of endogenous growth, long-run output growth would increase if there were either a ________ in the saving rate or a ________ in the depreciation rate
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
Whether the minimum wage is a binding price floor always depends upon whether the economy is in a recession
a. True b. False Indicate whether the statement is true or false
Number of WorkersUnits of Output001402903126415051656180Refer to the above data. Average product is at a maximum when:
A. two workers are hired. B. four workers are hired. C. three workers are hired. D. five workers are hired.
Which of the following will likely cause a reduction in output per worker?
A) a reduction in education expenditures B) a reduction in the saving rate C) a reduction in on-the-job training D) all of the above