New growth theory states that increases in ________ capital will result in ________ at the ________ level
A) physical; decreasing returns to scale; firm
B) knowledge; increasing returns to scale; economy
C) knowledge; decreasing returns to scale; economy
D) knowledge; increasing returns to scale; firm
B
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On a production possibilities frontier, 500 pounds of apples and 1,200 pounds of bananas can be produced while at another point on the same frontier, 300 pounds of apples and 1,300 pounds of bananas can be produced
Between these points, what is the opportunity cost of producing a pound of apples? A) 2 pounds of bananas B) 5/12 of a pound of bananas C) 0.5 of a pound of bananas D) 2 pounds of apples E) 100 pounds of bananas
The table above gives Sharon's demand for ground beef at two different income levels. Use the midpoint method in this problem
a. What is the percentage change in Sharon's income? b. What is the percentage change in the quantity demanded? c. What is Sharon's income elasticity of demand for ground beef? d. Is ground beef a normal or an inferior good for Sharon?