A change in which of the following can affect the long-run economic growth of a country?
I.The quantity and quality of a country’s labor force
II.Technology
III.Spending on capital goods
(A)I only
(B)III only
(C)I and II only
(D)II and III only
(E)I, II, and III
Improvements in technology for producing all goods must result in
(A)an inward shift in the production possibilities curve
(B)an outward shift in the production possibilities curve
(C)a flatter production possibilities curve
(D)a steeper production possibilities curve
(E)greater unemployment of labor
Assume that an economy produces televisions and shoes. Which of the following would cause the production
possibilities curve for this economy to shift outward?
(A)An increase in the labor force
(B)An increase in the prices of both goods
(C)An increase in the prices of resources used to produce both goods
(D)A decrease in the demand for shoes
(E)A change in consumers’ tastes in favor of televisions
Changes in which of the following factors would affect the growth of an economy?
I.Quantity and quality of human and natural resources
II.Amount of capital goods available
III.Technology
(A)I only
(B)I and II only
(C)I and III only
(D)II and III only
(E)I, II, and III
Which of the following best describes human capital?
(A)The number of workers in the labor force
(B)The physical capital used by workers
(C)The financial assets owned by workers
(D)The training and education of workers
(E)The spending by business for worker recruitment