Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 5SPPA
To determine
To explain:
The factor of production that grows faster when more training and scholarships are provided to poor students.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Economic theory suggests that we can increase productivity by
An increase in labor productivity means businesses will produce more output with the same amount of labor. Explain
Why is it that an agricultural economy like India is rich but the average Indian is poor? Answer briefly using the Law of Diminishing Returns.
Chapter 2 Solutions
Foundations of Economics (8th Edition)
Ch. 2 - Prob. 1SPPACh. 2 - Prob. 2SPPACh. 2 - Prob. 3SPPACh. 2 - Prob. 4SPPACh. 2 - Prob. 5SPPACh. 2 - Prob. 6SPPACh. 2 - Prob. 7SPPACh. 2 - Prob. 8SPPACh. 2 - Prob. 9SPPACh. 2 - Prob. 10SPPA
Ch. 2 - Prob. 1IAPACh. 2 - Prob. 2IAPACh. 2 - Prob. 3IAPACh. 2 - Prob. 4IAPACh. 2 - Prob. 5IAPACh. 2 - Prob. 6IAPACh. 2 - Prob. 7IAPACh. 2 - Prob. 8IAPACh. 2 - Prob. 9IAPACh. 2 - Prob. 10IAPACh. 2 - Prob. 11IAPACh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQ
Knowledge Booster
Similar questions
- Why does adding capital to a production function make the economy more productive? What are diminishing returns to capital? How does technology affect productivity and growth?arrow_forwardWhat are the effects of an increase in labor productivity on potential GDP, the quantity of labor, the real wage rate, and potential GDP per hour of labor?arrow_forwardDraw a production possibilities frontier for a country that produces two goods: capital goods and consumption goods. Show a point of production that will allow a country to achieve the maximum amount of future growth while still producing a small amount of consumption goods.arrow_forward
- A new fertilizer formula improves crop yields. What would be the impact on the country's production function?arrow_forwardWhich of the following would not affect labor productivity, i.e. more output per unit of labor hour? Select one: a. When interest rates decrease and government spending increase. b. when labor is reallocated from less-efficient industries to more-efficient industries. c. when production is better organized and managed d. technological progress e. the health, training, education, and motivation of workers improve f. the quantity of capital goods available to workersarrow_forwardWhen Main Street Bank buys new automatic teller machines, the quantity of land and natural resources labor O physical capital entrepreneurial ability, technology, and ideas in the economy increases.arrow_forward
- Many countries import considerable amounts of goods and services from other countries. Yet economists argue that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Can you reconcile these two facts?arrow_forwardUnder what circumstances does labor productivity grow?arrow_forwardAlain Bertaud critiques the development plan for Hanoi saying that it dismisses both land and labor markets. Give one example of how the plan dismisses the labor market and one example of how it dismisses the land market. What does he think the outcome will be?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Microeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning