At the Current Steady State Capital-Labor Ratio,assume That the Steady

question 63

Multiple Choice

At the current steady state capital-labor ratio,assume that the steady state level of per capita consumption,(C / N) *,is less than the golden rule level of steady state per capita consumption.Given this information,we can be certain that

• A)an increase in the saving rate will cause an increase in the steady state level of per capita consumption ((C / N)*).
• B)a reduction in the capital-labor ratio will cause a reduction in (C / N)*.
• C)the capital labor ratio will tend to increase over time.
• D)the capital labor ratio will tend to decrease over time.
• E) a reduction in the saving rate will have an ambiguous effect on (C / N)*.

Identify the conditions under which a business will continue to operate, shut down, or exit the industry.

Analyze the impact of output changes on different types of costs.

Understand the significance of economies of scale on long-run average cost.

Differentiate between total cost, variable cost, and fixed cost within the context of production.

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