Which of the following statements is true?
a. The quantity of natural resources per worker can influence productivity.
b. Technological knowledge and human capital are closely related.
c. Over long periods of time, the prices of most natural resources are stable or falling, relative to other prices.
d. All of the above are correct.
d
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A firm's marginal revenue is
A) the change in total revenue that results from a one-unit increase in the quantity sold. B) total revenue minus total cost. C) the change in total revenue minus the change in total cost. D) the change in total revenue that results from an increase in the demand for the good or service. E) less than the market price for a perfectly competitive firm.
The short-run average variable cost curve
a. is always downward-sloping b. starts at the origin and always slopes upward c. starts above the origin and always slopes upward d. is a horizontal line intersecting the vertical axis e. slopes downward at low rates of output, then slopes upward at higher rates of output