1) An increase in capital per worker will:
A) Makes the production function flatter.
B) Makes the production function steeper.
C) Shift up the production function.
D) Move the economy along the production function.
2) Technological progress will:
A) Makes the production function steeper.
B) Move the economy along the production function.
C) Makes the production function flatter.
D) Shift up the production function.
3) If technology advances, then:
A) More output can be obtained from the same inputs.
B) More inputs are needed to produce the same output.
C) Less output can be obtained from the same inputs.
D) Less output can be obtained with even more inputs.