Which statement is FALSE?
A. Technological change is the key to productivity growth.
B. Productivity is output per unit of input.
C. The only way to build up capital is to consume more and save more.
D. In the 1950s, 1960s, and 1970s, Americans managed to save about 7-8% of disposable income.
C. The only way to build up capital is to consume more and save more.
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Which is an example of money as a unit of account?
a. purchasing a toy for $8.99 b. lending a friend $25.00 c. opening a savings account at a bank d. checking the price of a camera at several stores before buying it at the lowest price
In August 2008, Ethan Nicholas developed the iShoot application for the Apple iPhone 3G, and within five months had earned $800,000 from this program. By May 2009, Nicholas had dropped the price from $4.99 to $1.99 in an attempt to maintain sales
This example indicates that in a competitive market A) earning an economic profit in the long run is extremely easy. B) economic profits are only earned in the long run. C) earning an economic profit in the long run is extremely difficult. D) it is impossible to earn an economic profit in either the short run or the long run.