Decreases in the stock of capital will lead to
A) decreases in wages and GDP. B) increases in wages and total GDP.
C) decreases in wages and increases in GDP. D) increases in wages and decreases in GDP.
A
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As one moves down a straight-line demand curve, the elasticity increases.
Answer the following statement true (T) or false (F)
In the calculation of the cost of going to college, an economist would always include the cost of room and board.
Answer the following statement true (T) or false (F)
The term "unit elasticity" is used to describe a situation in which a rise in price is accompanied by
a. a fall in total expenditure. b. a rise in total expenditure. c. constant total expenditure. d. a unit decrease in total expenditure.
Higher inflation and interest rates led to ___________
Fill in the blank(s) with the appropriate word(s).