The productivity and real wages of workers in industrially advanced economies have risen historically partly because:
A. workers have acquired less education and training over time.
B. workers have been able to use larger quantities of capital equipment.
C. over time the capital equipment used by workers has deteriorated in quality.
D. the supply of labor has increased.
Answer: B
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Which of the following goods would be considered legally non-excludable?
One feature of pure monopoly is that the demand curve:
A. is vertical. B. slopes downward. C. is horizontal. D. slopes upward.
A shoe factory has an elasticity of supply of .5 as the price of shoes rises from $50 to $75. If the factory produced 100,000 shoes at a market price of $50, how many will be produced at the new price?
(A) 125,000 (B) 400,000 (C) 200,000 (D) 75,000
If the government does not react to a recession:
A. the economy will remain out of its long-run equilibrium indefinitely. B. voters and consumers are likely to be happy with less government interference. C. the economy will recover, but much more slowly. D. the government generally doesn't engage in any policy during a recession.