Quiz3 - Quiz#3 1 The marginal product of capital may be...

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Quiz #3 1. The marginal product of capital may be decreasing because a) capital depreciates over time b) each additional machine has fewer workers to operate it c) new machines embody a different technology than old machines d) there is not enough technology e) machines are often firm-specific, with little resale value to another firm Answer: b 2. Dramatic economic growth in Asian countries in the latter half of the 20 th century was primarily due to a) a larger labor force caused by immigration b) improved technology c) capital accumulation d) total factor productivity e) increased longevity Answer: c 3. Long run increases in an economy’s output, achieved without increasing either the capital stock , total labor hours employed , or other inputs can result from a) the removal of price floors b) expansion of the money supply c) technological progress d) corporate mergers e) all of the above Answer: c 4. A steady state may be defined as a) an equilibrium between the supply and demand for consumer goods
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This note was uploaded on 02/23/2010 for the course BUSINESS intb 3353 taught by Professor Prodon during the Spring '10 term at University of Houston.

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Quiz3 - Quiz#3 1 The marginal product of capital may be...

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