In the years when the U.S. economy was in debt, the economic growth of the country was significant because it had easy access to capital markets
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Table 20-15. Looking at the table above, real average hourly earnings in 2014 were
A) $9. B) $9.52. C) $10. D) $12.63.
The output gap can best be described as:
A) the percentage difference between GDP and its potential B) the difference between GDP in the current year compared to the previous year C) the difference between a nation's GDP and that of the nation with the highest GDP D) the difference between GDP and its forecasted level
Marginal product is
A. the output of the least skilled worker. B. a worker's output multiplied by the price at which each unit can be sold. C. the amount any given worker contributes to the firm's total revenue. D. the amount an additional worker adds to the firm's total output.
Suppose the marginal product of labor is 8 and the marginal product of capital is 2. If the wage rate is $4 and the price of capital is $2, then in order to minimize costs the firm should use:
A. three times more capital than labor. B. more capital and less labor. C. more labor and less capital. D. none of the answers are correct.