Which fundamental question about a competitive market system primarily focuses on technological progress and capital accumulation?
A. Who will get the goods and services?
B. How will the goods and services be produced?
C. How will the system promote progress?
D. What goods and services will be produced?
Answer: C
Economics
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According to the principle of diminishing returns, if all factors of production but one are held constant and if that one factor is doubled, then eventually output will most likely
A) double too. B) more than double. C) less than double. D) remain unchanged.
Economics
Which of the following would best explain a decline in potential GDP?
A) Negative net investment B) The discovery of vast new oil reserves C) a lower price level D) a decrease in the infant mortality rate E) decrease in wages and profits
Economics