To what extent can changes in the rate of technological progress cause permanent changes in the rate of growth of output per worker? Explain
What will be an ideal response?
For example, an increase in the rate of TP will cause the required investment line to become steeper. K/NA and Y/NA will fall over time to some permanently lower level. The increase in the rate of TP will cause the rate of growth of Y and Y/N to increase over time and to reach a permanently higher level.
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The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1
The quantity of buckets without the tax is ________ and the quantity with the tax is ________. A) 400; 600 B) 600; 400 C) 400; 400 D) 800; 500 E) 600; 500
The phrase "demand has decreased" means that
A) a demand curve has shifted to the left. B) there has been an upward movement along a demand curve. C) there has been a downward movement along a demand curve. D) a demand curve has shifted to the right.