According to the Solow model, an increase in the capital—labor ratio will
A) always reduce steady-state consumption per worker.
B) always increase steady-state consumption per worker.
C) reduce steady-state consumption per worker if the capital—labor ratio is below the Golden rule capital stock.
D) increase steady-state consumption per worker if the capital—labor ratio is below the Golden rule capital stock.
D
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Answer the next question on the basis of the following demand schedule.PriceQuantity Demanded$615243342516Which of the following is correct?
A. Although the slope of the demand curve is constant, price elasticity of demand goes from inelastic to elastic as we move from high to low price ranges. B. Although the demand curve is convex to the origin, price elasticity of demand is constant throughout. C. Although the slope of the demand curve is constant, price elasticity of demand goes from elastic to inelastic as we move from high to low price ranges. D. A steep slope means demand is relatively inelastic; a flat slope means demand is relatively elastic.
___________ is the highest valued alternative that must be sacrificed to satisfy a want or attain something
a. Intangible resource b. Choice c. Opportunity cost d. Availability
Which of the following is most likely to be the subject of informational advertising?
A. a search good B. an experience good C. an inexperience good D. a credible good
Using present-value analysis, an economist will argue that we do not have to worry about loggers harvesting young trees on private land
A. because it is not profitable for them to engage in any logging. B. because logging companies do not attempt to maximize profit. C. because young trees have no market value. D. because it is more profitable for them to let the young trees grow.