Figure 22-3 -Refer to Figure 22-3. Which of the Following Would Cause

question 31

Multiple Choice

Figure 22-3
-Refer to Figure 22-3. Which of the following would cause an economy to move from a point like A in the figure above to a point like B?

• A) an improvement in technology
• B) a decrease in capital per hour worked
• C) an increase in capital per hour worked
• D) a technological regression

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Definitions:

Quality Workforce

An employment group characterized by high skill levels, efficiency, and a commitment to producing high-quality work.

Competitive Salaries

Compensation levels offered by employers that are at or above the market rate to attract and retain talent.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay.

Producer Surplus

The difference between the amount producers are willing to sell a good for and the actual amount they receive by selling it at the market price.