Explain the different dimensions of technological progress
What will be an ideal response?
There are several dimensions of technological progress: more output for a given amount of inputs, better products, new products, a larger variety of products.
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Given a constant rate of growth of real GDP, what would lead to an increasing real GDP per capita?
a. a rate of population growth that is less than the rate of growth of real GDP b. a rate of population growth that is greater than the rate of growth of real GDP c. an increase in the size of the labor force d. an increase in the capital stock
Which of the following demonstrates the law of supply?
a. When leather became more expensive, belt producers decreased their supply of belts. b. When car production technology improved, car producers increased their supply of cars. c. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters. d. When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup.
If the government increases the income tax rate they likely intend for:
A. C to increase, shifting aggregate demand to the right. B. I to increase, shifting aggregate demand to the right. C. C to decrease, shifting aggregate demand to the left. D. G to increase, shifting aggregate demand to the right.
Exhibit 2-15 Production possibilities curve
In Exhibit 2-15, the shape of the production possibilities curve demonstrates:
A. changing prices. B. economic growth. C. decreases in resources. D. the law of increasing opportunity costs.