In a small European country, it is estimated that a $10,000 increase in capital per hour worked will increase real GDP per hour worked by $300. Based on this information, what is the slope of the per-worker production function in this range?
A) 0.03 B) 3.3 C) 33.3 D) 333
A
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Last year the Olsen family earned $70,000 . This year their income is $77,000 . In an economy with an inflation rate of 8 percent, we can conclude that the Olsen's nominal income:
a. and real income both increased. b. and real income both decreased. c. increased, but their real income decreased. d. decreased, but their real income increased.
In a perfectly competitive, decreasing-cost industry, the long-run market supply curve slopes downward
a. True b. False
Economists use the phrase “invisible hand” to describe ______.
a. how the government controls the market system as if directing traffic b. the dignity of manual labor and the market system’s dependence on it c. the way goods are passed from producers to buyers in the marketplace d. how prices adjust to direct buyers and sellers to socially desirable outcomes
A characteristic of a modern economy is
A. self-sufficiency. B. specialization and exchange. C. a high percentage of people who make their living as jacks-of-all-trades. D. a high proportion of people employed in agriculture.