Production is productively efficient when
a. the maximum possible output is being produced from a given collection of inputs
b. people are working their hardest
c. no more capital can be substituted for labor
d. technological innovation is no longer desirable
e. workers perform their duties at the expected level, even if they are physically capable of doing more
A
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Encouraging international trade will
A) slow economic growth as many workers lose their jobs to foreign workers. B) speed economic growth as workers specialize and trade with others. C) speed economic growth because international trade limits the harm done by property rights. D) slow economic growth when a country is forced to specialize and trade with other countries. E) speed economic growth as workers diversify their knowledge and limit trade.
According to Joseph Schumpeter, which of the factors of production is central to economic growth?
A) natural resources B) land C) labor D) the entrepreneur