-Refer to the Above Production Possibilities Curves

question 50

Multiple Choice

-Refer to the above production possibilities curves.Curve (a) is the current curve for the economy.The movement from curve (a) to curve (b) suggests:

• A) a movement from unemployment to full employment.
• B) an improvement in capital goods technology but not in consumer goods technology.
• C) an improvement in consumer goods technology but not in capital goods technology.
• D) a decline in the total output of this society.

Define productivity and distinguish between different types of productivity measures.

Analyze factors influencing labor and capital productivity.

Recognize how increases in capital and technology affect labor productivity.

Understand the effects of changes in capital stock and technology on a per-worker production function.

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Definitions:

Accommodation Party

is an individual who signs a negotiable instrument on behalf of another party, guaranteeing payment without receiving personal benefit.

Maker

A person who has promised to pay a set sum to the holder of a promissory note or certificate of deposit.

Drawer

The person who writes or issues a bill of exchange, cheque, or draft, instructing a drawee to pay a specified sum to a payee.

Transfer Warranties

Legal assurances provided by a seller to a buyer regarding the condition and legal status of property or goods being sold.