Refer to Figure 22-4. Suppose the economy gains more capital per hour worked and experiences technological change. This is shown in the figure above by the movement from
A) E to B to D. B) A to E. C) A to B to C. D) A to D.
D
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Increases in the capital stock:
a. Shift the short run aggregate supply curve upward b. Shift the long run aggregate supply curve to the right. c. Shift short run aggregate supply curves upward and long run aggregate supply curves to the right. d. Do none of the above
What is characteristic of a traditional economy?
What will be an ideal response?
Countries that increase their rates of production and growth by educating their workers are investing in ______.
a. a natural resource b. physical capital c. technology d. human capital
Deficit is the difference between government expenditures, which are either purchases or transfer payments and tax receipts.
Answer the following statement true (T) or false (F)