In order to raise the rate of economic growth we would need to
A. increase the level of capital.
B. reduce the level of labor.
C. spend more on military goods.
D. spend more on consumer goods.
A. increase the level of capital.
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Assume that for whatever reason there is a manufacturing firm exhibits a constant marginal product of labor over a certain range of production
Armed with only this information what would you be able to say about the average product and total product of labor curves of this firm.
A Nash equilibrium is:
A. an outcome in which all players choose the best strategy they can, given the choices made by all of the other players. B. when one strategy is always the best for a player to choose, regardless of what other players do. C. an outcome in which all players follow a "leader" in order to maximize profits. D. None of these statements is true.
Capital, labor, and natural resources combine to produce goods and services. Which of the following will not lead to an increase in the ability of an economy to produce goods and services?
A) increased training for workers B) establishing a more productive technology C) new government restrictions on which technologies may be used to produce goods and services D) discovery of new oil reserves
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In Exhibit 3-11, in Panel A the movement from point A to point B describes a(n):
A. increase in demand and an increase in the quantity supplied. B. increase in the quantity demanded and an increase in supply. C. decrease in demand and a decrease in the quantity supplied. D. decrease in the quantity demanded and a decrease in supply.