In a Competitive Industry, Output Is Produced with Skilled and Unskilled

question 5

Multiple Choice

In a competitive industry, output is produced with skilled and unskilled labor. Factor-biased technical change that increases the productivity of skilled labor, will, at a given ratio of skilled to unskilled labor, shift any given isoproduct curve ________ the origin and ________ the absolute slope of the isoproduct curve (when the number of skilled labor is along the horizontal axis) . Pick the best pair of answers

• A) towards, steeper
• B) towards, flatter
• C) away from, steeper
• D) away from, steeper.

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Definitions:

General Partner

A member of a partnership who has unlimited liability for the debts of the business and actively participates in its management.

Partnership's Checkbook

A financial tool used by a partnership for handling and recording transactions.

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