Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 20, Problem 9SCQ
Would the following events usually lead to capital deepening? Why or why not?
- A weak economy in which businesses become reluctant to make long-term investments in physical capital.
- A rise in international trade.
- A trend in which many more adults participate in continuing education courses through their employers and at colleges and universities.
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Economic growth is the process of
Group of answer choices
All of the above
producing more agricultural products and more industrial products.
increasing real output.
expanding the production possibilities frontier.
A) The prediction that population growth and growing affluence would outstrip supply would mean rising prices over time due to oil shortages.
B) Both the 1970s and the 2000s oil price hikes were due to the demand curve shifting to the right.
C) The sharp fall in the oil price after the global financial crisis of 2008 was due to the supply curve shifting to the right.
D) The prediction that technological advancement to find new resources and extract them more efficiently would outweigh increases in demand would mean rising prices over time due to oil shortages.
Which of the following statements is accurate regarding entrepreneurs?
Economic changes can be both good and bad for entrepreneurs.
The only asset a person needs to be a successful entrepreneur is a willingness to take risks.
If a business fails, the government will be responsible for any losses.
Entrepreneurs need to have a college degree to start a business.
Chapter 20 Solutions
Principles of Economics 2e
Ch. 20 - Explain what the Industrial Revolution was and...Ch. 20 - Explain the difference between property rights and...Ch. 20 - Are there other ways in which we can measure...Ch. 20 - Assume there are two countries: South Korea and...Ch. 20 - What do the growth accounting studies conclude are...Ch. 20 - What policies can the government of a free-market...Ch. 20 - List the areas where government policy can help...Ch. 20 - Use an example to explain why, after periods of...Ch. 20 - Would the following events usually lead to capital...Ch. 20 - What are the advantages of backwardness for...
Ch. 20 - Would you expect capital deepening to result in...Ch. 20 - Why dues productivity growth in high-income...Ch. 20 - How did the Industrial Revolution increase the...Ch. 20 - How much should a nation be concerned if its rate...Ch. 20 - How is GDP per capita calculated differently from...Ch. 20 - How do gains in labor productivity lead to gains...Ch. 20 - What is an aggregate production function?Ch. 20 - What is capital deepening?Ch. 20 - What do economists mean when they refer to...Ch. 20 - For a high-income economy like the United States,...Ch. 20 - List some arguments for and against the likelihood...Ch. 20 - Over the past 50 years, many countries have...Ch. 20 - Labor Productivity and Economic Growth outlined...Ch. 20 - Change in labor productivity is one of the most...Ch. 20 - Refer back to the Work It Out about Comparing the...Ch. 20 - Education seems to be important for human capital...Ch. 20 - Describe some of the political and social...Ch. 20 - Why is investing in girls education beneficial for...Ch. 20 - How is the concept of technology, as defined with...Ch. 20 - What sorts of policies can governments implement...Ch. 20 - As technological change makes us more sedentary...Ch. 20 - An economy starts off with a GDP per capita of...Ch. 20 - An economy starts off with a GDP per capital of...Ch. 20 - Say that the average worker in Canada has a...Ch. 20 - Say that the average worker in the U.S. economy is...
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