An increase in a country's capital stock relative to its work force is known as
A) capital improvement. B) capital augmentation.
C) capital growth. D) capital deepening.
D
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If the two goods in an Edgeworth Box are perfect complements for one person and perfect substitutes for the other, then all efficient allocations are such that the first person has the same amount of good 1 as of good 2.
Answer the following statement true (T) or false (F)
Which of the following does not contribute to an improved standard of living?
a. Increases in the amount and quality of available resources b. Better technology c. Higher prices for the necessities of life d. Improvements in the "rules of the game" e. Increases in the quality of labor
Which approach to calculating GDP would be best to compare consumer activity versus government purchases?
A. The expenditure approach B. The income approach C. The value-added approach D. Any of these measurements will allow that comparison equally well.
A monopsonist hires labor in a market with perfectly competitive supply. Whenever she hires an additional worker,
a. she must reduce the wage paid to all workers already hired. b. she will not change the wage paid to all workers already hired. c. she must raise the wage paid to all workers already hired. d. she may or may not choose to change the wage paid to all workers already hired.