Advances in technology and growth in human capital ________ because ________
A) shift the productivity curve downward; labor and capital become less productive
B) shift the productivity curve upward; labor and capital become less productive
C) shift the productivity curve upward; labor and capital become more productive
D) do not shift the productivity curve; there is a movement along the productivity curve
E) shift the productivity curve downward; labor and capital become more productive
C
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Which of the following explains why two firms, Apex and Bongo, would engage in implicit collusion, rather than explicit collusion?
A) Implicit collusion always has an enforcement mechanism that forces both firms to collude; explicit collusion does not have an enforcement mechanism. B) Implicit collusion is less costly to both firms than explicit collusion; therefore, profits will be greater for both firms if they engage in implicit collusion. C) Implicit collusion allows Apex to increase its profits at the expense of Bongo without Bongo knowing that collusion has occurred; if Apex engages in explicit collusion, Bongo will realize collusion has taken place and retaliate against Apex. D) explicit collusion is illegal; if the managers of Apex and Bongo engage in implicit collusion they may be within the law.
A good like water has few substitutes and takes up little of our income to purchase. As a result, its demand is likely to be
A. perfectly elastic. B. inelastic. C. elastic. D. unit elastic.
If your bank faces a 20 percent required reserve ratio and receives a cash deposit of $4,000 into a checkable deposit account, the maximum total amount of money possible after the banking system makes all loans is:
A. $3,200. B. $4,000. C. $16,000. D. $20,000.
If the market price of a DVD is $15 and a consumer was willing to pay $20 for it, that consumers surplus on the DVD is $5.
Answer the following statement true (T) or false (F)