Which of the following is consistent with the classical theory of growth?
A) permanent increases in real wages
B) permanent growth in productivity
C) rapid population growth in poor countries
D) permanent increases in living standards
C
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Consider a Wal-Mart supercenter and a 7-Eleven store. In the long run,
A) Wal-Mart or 7-Eleven may have economies of scale depending on how many customers are served. B) Wal-Mart will definitely have lower average costs because supercenters serve many more customers. C) The 7-Eleven store will definitely have lower average costs because their small stores are cheaper to build. D) Wal-Mart's average total cost will decline faster than the 7-Eleven store and experience diseconomies of scale. E) The 7-Eleven store's average total cost will be lower than Wal-Mart's and always experience economies of scale.
If worker output is not measurable in physical units, and employees are hard to monitor, it would be best to organize the firm using
A) a command system. B) a monitoring system. C) an incentive system. D) None of the above answers is correct.