Employment of labour

Utilization of capital

Utilization of natural resources

Utilization of all the resources

Increases due to substitution effect

Increases due to income effect

Increases both due to substitution and income effect

Decreases due to both substitution and income effect

A. W. Phillips

J. M. Keynes

R. F. Kahn

Ernst Engel

The GDP deflator is equal to zero

The GDP deflator is equal to one

The GDP deflator is less than one

None of the above is correct

(a) The inputs available (capital, labour, land etc.)

(b) The economy’s technological efficiency

Both (A) and (B) together

None of the above