Quiz 2 - Quiz #2 1. The three principal inputs in the...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Quiz #2 1. The three principal inputs in the production process are a) land, natural resources, and capital b) money, labor, and technology c) physical capital, human capital, and financial capital d) capital, labor, and total factor productivity e) technology, total factor productivity, and innovation Answer: d 2. In 1798 Malthus predicted a) that populations would migrate to countries with the most productive land b) that by the year 2000, world population would be 6 billion people c) most of the demographic trends currently taking place in Europe d) that the limited natural resources will constrain the population size e) that better technology would provide the population with more leisure time Answer: d 3. 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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Quiz 2 - Quiz #2 1. The three principal inputs in the...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online