Suppose two countries are identical in every way with the following exception. Economy A has a greater quantity of human capital than economy B. Given this information, we know with certainty that
A) steady state consumption in A is higher than in B.
B) steady state consumption in A is lower than in B.
C) steady state consumption in A and in B are equal.
D) steady state growth of output per worker is higher in A than in B.
A
You might also like to view...
Unless a good is a Giffen good, the demand curve shifts to the right as income rises.
Answer the following statement true (T) or false (F)
Larry Lawnlover is trying to decide whether it would be more efficient to trim his lawn with a hand-operated clipper or to buy and use an electrically operated weed-trimmer
Which of the items below will help determine the more efficient choice for Larry? A) Larry's dislike for the noise created by power tools B) Larry's fear of being injured while using power tools C) The sensitive skin on Larry's hand, which causes him to develop, blisters easily D) All of the above. E) None of the above.
If the supply of a good is relatively inelastic, this means that the quantity supplied of the good is
a. not very sensitive to the price of the good. b. highly sensitive to the price of the good. c. unrelated to the price of the good. d. none of the above.
Because monopolists are protected by high barriers to entry, they:
A. may be able to earn long-run economic profits. B. will not minimize the per-unit cost of producing their output. C. will price their product at the highest possible price. D. seek economic profit; however, they are not able to earn it in the long run.