Question 76(1 point)

What is the relationship between income and expenditure for an economy?

Question 76 options:

a)

Income is greater than expenditure.

b)

Income is less than expenditure.

c)

Income equals expenditure.

d)

Income could be greater or less than expenditure.

Question 77(1 point)

What do economists call the inputs used to produce goods and services?

Question 77 options:

a)

productivity indicators

b)

capitalization producers

c)

production functions

d)

factors of production

Question 78(1 point)

Which of the following best defines technological change that may lead to granting of a patent?

Question 78 options:

a)

It is knowledge that is known but no longer used much.

b)

It is knowledge that is known, but has only recently been discovered.

c)

It is knowledge that is known widely by those in a profession.

d)

It is knowledge that is known only by the company that discovers it.

Question 79(1 point)

How is the effect of technological change along with capital deepening represented in the neoclassical growth model?

Question 79 options:

a)

By a movement along a given production function.

b)

By a simple upward shift in the production function.

c)

By an upward shift in the production function where the highest point on it constantly shifts to the right.

d)

This effect cannot be represented in the model.

Question 80(1 point)

Using the production function and notation in the text, what does K/L measure?

Question 80 options:

a)

natural resources per worker

b)

human capital per worker

c)

output per worker

d)

physical capital per worker