Economic growth depends upon which of the following?
i. Improving the quality of labor
ii. Technological advancement
iii. Increasing the amount of capital
A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
E
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La Bella Pizza is the only pizza place on Pepper Island. The figure above shows La Bella Pizza's demand curve, marginal revenue curve, and marginal cost curve. At La Bella Pizza's profit-maximizing output, its annual total revenue is
A) $168,000. B) $312,000. C) $336,000. D) $624,000.
Half of Social Security taxes are paid by the employer and half are paid by the employee. What would happen if the employer was made to pay the entire amount? Explain your reasoning
What will be an ideal response?
The mountainous terrain of a particular town allows its inhabitants to produce only coffee or eucalyptus oil. An increase in the opportunities for workers employed in coffee plantations is likely to:
a. shift the labor demand curve for the eucalyptus industry leftward. b. shift the labor demand curve for the eucalyptus industry rightward. c. shift the labor supply curve for the eucalyptus oil industry leftward. d. shift the labor supply curve for the eucalyptus oil industry rightward.
Which of the following would generally cause firms to expand output in the short run?
a. a proportional increase in the prices of goods and services and the costs of producing them b. higher profit margins as the result of an unexpected increase in the prices of goods and services c. an unexpected reduction in aggregate demand d. an increase in wages and the prices of other resources