Which of the following lists gives factors that increase labor productivity?
A) expansion of human capital, labor force increases, and discovery of new technologies
B) expansion of human capital, population growth, and discovery of new technologies
C) saving and investment in physical capital, and wage increases
D) labor force increases and wage increases
E) saving and investment in physical capital, expansion of human capital, and discovery of new technologies
E
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Suppose the long-run supply curve for a good is upward-sloping. The upward slope could be explained by
a. decreases in production costs resulting from more firms coming into the market. b. a breakdown of the "free entry and exit" feature of competition. c. a breakdown of the "price taking" feature of competition. d. the fact that a resource used in the production of the good is available only in limited quantities.
Answer the question on the basis of the following information: year nominal GDP price index 1 550 140 2 560 135 3 576 125 4 586 117 5 604 108 In the economy above:
a) the price level is rising faster than nominal GDP. b) nominal and real GDP are growing at the same rate. c) the growth of nominal GDP understates the growth of real GDP. d) the growth of nominal GDP overstates the growth of real GDP.