Which of the following would contribute to a sustained high rate of economic growth in the long run in an economy?
A) an influx of immigrant labor into an economy without any accompanying technological change
B) a shift of workers in the economy from the agricultural sector to the nonagricultural sector
C) increases in labor force participation rates as workers who are out of the labor force pursue rising wages
D) growth in capital per hour worked accompanied by technological change
D
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The Carolina Christmas Tree Corporation grows and sells 500 Christmas trees. The average cost of production per tree is $50 . Each tree sells for a price of $65 . The Carolina Christmas Tree Corporation's total revenues are
a. $7,500. b. $25,000. c. $32,500. d. $67,500.
Is a benevolent command economy likely to achieve greater efficiency than a purely competitive market system? Explain.
What will be an ideal response?