An improvement in the quality of capital would:
a. rotate the per-worker production function upward
b. make the per-worker production function flatter.
c. shift the per-worker production function downward.
d. rotate the per-worker production function downward.
e. have no effect on the per-worker production function.
a
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The ultimate source of liquidity in a modern industrial economy is the
A) government Treasury. B) central bank. C) capital market. D) liquidity market.
Assume the total product of two workers is 110 and the total product of three workers is 120. The three worker's average product is ________ while the third worker's marginal product is ________.
A. 50; 10 B. 40; 10 C. 120; 110 D. 40; 20
Freedom of entry into a market tends to preserve
A) competition. B) abnormal profits. C) social justice. D) the gap between the price of a good and marginal cost.
If you have a checking account at a local bank, your bank account there is a(n)
A. asset to the bank and an asset to you. B. liability of the bank and a liability of yours. C. liability of the bank and an asset to you. D. asset to the bank and a liability of yours.