The amount of capital each laborer has to work with is the
a. labor-capital ratio
b. capital-output ratio
c. labor-output ratio
d. capital-labor ratio
e. capital deepening
D
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A model that sometimes makes incorrect predictions may be used by economic decision makers
a. under no circumstances b. only if its assumptions are detailed and realistic c. if it is mathematical and computerized d. if it is simple enough for a child to understand e. until a better model is developed
Social Security is
A) an insurance program operated by the federal government. B) a retirement program that invests the person's contributions into interest-earning financial assets so the proceeds can fund the person's retirement. C) a social insurance program that guarantees that an elderly person will never fall below the poverty level. D) an intergenerational transfer program that only vaguely relates to past earnings.
From 2007 to 2013, total federal, state, and local appropriations to public institutions of higher education
A. increased $47 billion. B. increased $230 billion. C. remained constant. D. decreased $71 billion.
If federal taxes are cut by $10 billion, aggregate demand
A) increases by $10 billion. B) increases by $10 billion multiplied by the government expenditure multiplier. C) increases by $10 billion multiplied by the tax multiplier. D) decreases by $10 billion. E) decreases by $10 billion multiplied by the tax multiplier.