Which of the following stands true for the determinants of growth?
a. The long-run aggregate supply curve is a horizontal line at the potential level of real GDP.
b. Land can be combined with labor and capital to produce goods and services.
c. The labor force typically grows more rapidly in industrial countries than in developing countries because birth rates are higher in industrial countries.
d. The ability of a country to invest in capital goods is tied to its ability to spend.
e. The size of the labor force is a function of the size of the youth in the population and the percentage of that population that is in the labor force.
b
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Draw a graph on the diagram below showing the long-run equilibrium position of a competitive firm. Write a formula to express the equalities in the graph
What will be an ideal response?
Other things the same, the wages in an occupation are likely to be higher the more
a. dangerous the job. b. pleasant the working conditions. c. prestigious the work environment of the occupation. d. desirable the location of the job.