Assume that employment increases by 3%. Holding all other factors constant, we know with certainty that which of the following will occur?
A) output will increase by 3%
B) output per capita will increase by 3%
C) output will increase by less than 3%
D) the capital labor ratio will increase
E) none of the above
C
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According to this Application, Janet L. Yellen, the Vice-Chair of the Board of Governors, believes that ________ in worldwide demand and ________ of supply were the primary cause of the worldwide increase in commodity prices
A) decreases; shortages B) increases; surpluses C) increases; shortages D) decreases; surpluses
Which of the following is correct?
a. Countries with the highest growth rates over the last 120 years are the ones that had the highest level of real GDP 120 years ago. b. Most countries have had little fluctuation around their average growth rates during the past 120 years. c. The ranking of countries by income changes little over time. d. Even though Japan had a higher growth rate of real GDP per person than the U.S. over the last 120 years, it's level of real GDP per person is less than that of the U.S.