If a nation has a higher level of technology than another nation it means that they will be able to produce:
A. more outputs with the same inputs.
B. less with the same amount of physical capital.
C. more with no capital.
D. the same output with the same level of inputs.
A. more outputs with the same inputs.
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When determination of rent is left to the market,
a. that rent price is almost entirely determined by the supply side. b. that price can settle at politically unpopular levels. c. land is fairly distributed among the members of society. d. the supply of land will be perfectly elastic.
The marginal product of labor is defined as:
A. the additional output produced by the last ?L units of labor hired. B. the amount of output divided by the amount of capital used to produce the output. C. the amount of output produced multiplied by the last ?L units of labor hired. D. the amount of output divided by the number of workers employed.
Other things constant, a fall in the inflation rate causes the velocity of money to increase
Indicate whether the statement is true or false
A monopolist will not change its current behavior
A. unless it earns positive economic profits in the long run. B. if it earns positive economic profits in the long run. C. even if total revenue does not cover variable costs. D. unless demand is greater than marginal revenue.