A production function that assumes a diminishing marginal product of capital
A. generates a straight savings line
B. ensures that the savings line is always above the investment requirement line
C. ensures that the savings line and the investment requirement line cross
D. is essential to the endogenous growth model
E. violates important microeconomic principles
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The concept of diminishing marginal returns implies that
A. output cannot decrease as long as labor is substituted for capital
B. output decreases if either labor or capital is decreased
C. output increases but at a decreasing rate as the amount of labor is increased and the amount of capital remains fixed
D. if the capital stock is kept constant, output cannot increase even if more labor is available
E. output increases but only if the amounts of both labor and capital increase
The assumption of constant returns to capital alone implies that larger firms should be more efficient than smaller firms. The reason this doesn't necessarily imply a tendency toward monopolization is that
A. most industries are perfectly competitive in nature
B. firms have more inputs than just capital
C. constant returns to capital alone still implies decreasing returns to all factors of production taken together
D. if one firms increases its use of capital, other firms can also capture some of the production benefits of the new capital through spillover effects
E. none of the above
Which of the following statements is FALSE?
A. endogenous growth theory relies on constant returns to scale of capital alone to generate ongoing growth
B. endogenous growth theory predicts that an increase in population growth will always lead to an increase in the overall growth rate
C. the microeconomics underlying endogenous growth theory emphasizes the existence of substantial external returns to capital
D. endogenous growth theory predicts that a high savings rate can generate a high growth rate
E. empirical evidence suggests that endogenous growth theory is not very important for explaining differences in growth among countries
According to the endogenous growth theory
A. countries with the same technology and population growth eventually converge to the same steady-state growth rate independent of the savings rate
B. the steady-state growth rate decreases as the rate of accumulation of factors of production increases
C. the long-term growth rate of capital is not affected by the savings rate
D. the steady-state growth rate is affected by the rate at which the factors of production are accumulated
E. none of the above
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