List and explain the three factors that can increase labor productivity
What will be an ideal response?
The three factors that can increase labor productivity are saving and investment in physical capital, expansion of human capital, and discovery of new technology. Saving and investing in physical capital increases the amount of capital per worker and thereby increases workers' productivity. Increasing the amount of human capital means that workers' skills, knowledge, and talents increase, which thereby increases their productivity. And, the discovery and use of new technologies allows workers to produce more goods and services than before, which increases their productivity.
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When a game has more than one Nash equilibrium,
a. at least one of them will be Pareto optimal. b. they will all tend to be unstable. c. they must provide the same total payoff to the players. d. it is difficult to predict which of them will actually occur.
A local public good
A. only benefits members of a particular community. B. gives higher benefits than regular public goods. C. requires unanimous voting. D. has become an integral part of the federal government.
In 2003, the Federal Reserve had used its control over the federal funds rate to such a degree that
A. the federal funds rate was the highest it had been in 15 years. B. Congress stripped the Federal Reserve of this authority. C. the federal funds rate was the lowest it had been in 15 years. D. the federal funds rate was driven below zero.
Which of the following is true when the velocity of money falls?
a) an increase in the money supply will have less effect on nominal gross national product b) a change in the money supply will affect output only c) the fed will decrease the money supply d) output will be greater for a given money supply e) the public will increase its holdings of assets other than money